Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 12

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 12
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 a highly volatile asset that has traded below $50,000 per bitcoin and above $110,000 per bitcoin in our principal market in the 12 months preceding the date of this prospectus supplement. Bitcoin does not pay                               
 interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales. Future fluctuations in bitcoin trading prices may result in our converting bitcoin purchased with the net proceeds from this offering into cash 
 with a value substantially below the net proceeds from this offering, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated acquisition of bitcoin.                                                 |

| Stated Amount | $100 per share of STRD Stock. |

| Liquidation Preference | Initially $100 per share of STRD Stock. The liquidation preference is subject to adjustment in the manner described in this prospectus supplement. However, the liquidation preference will not be adjusted to an amount that is less than $100 per 
 share of STRD Stock.                                                                                                                                                                                                                                |

| Regular Record Dates | March 15, June 15, September 15 and December 15. For the avoidance of doubt, a holder of any shares of STRD Stock that are issued in this offering after 5:00 p.m., New York City time, on a regular record date relating to a 
 declared regular dividend on the STRD Stock, will not be entitled to receive such regular dividend with respect to such shares.                                                                                                |

| Regular Dividends | Dividends on shares of the STRD Stock are not mandatory. Holders of the STRD Stock will be entitled to receive 
 non-cumulative                                                                                                 |

S-9

| See “Description of STRD Stock—Regular Dividends.” |

| We expect to fund any dividends paid in cash on the STRD Stock primarily through additional capital raising activities, including, but not limited to,                                                                   
 at-the-market offerings of our class A common stock. See “Risk Factors—Risks Related to the STRD Stock and This Offering—We may not have sufficient funds                                                                
 to pay dividends in cash on the STRD Stock, or we may choose not to declare or pay dividends on the STRD Stock. In addition, regulatory and contractual restrictions may prevent us from declaring or paying dividends.” |

| No Preemptive and Conversion Rights | The STRD Stock is not convertible into or exchangeable for any other securities or property and is not entitled to any preemptive or similar rights. |

| Optional Redemption | We have the right, at