Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 63

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 63
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 reviewing any records of DTC relating to those interests. Payments by participants and indirect participants in DTC to the owners of beneficial interests in a global certificate will be governed by standing instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC. Transfers between participants in DTC will be effected under DTC’s procedures and will be settled in same-dayfunds. Physical Certificates A global certificate will be exchanged, pursuant to customary procedures, for one or more physical certificates only if:

| • |     | DTC notifies us or the transfer agent that it is unwilling or unable to continue as depositary for such global                                                                                                   
 certificate or DTC ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, we fail to appoint a successor depositary within 90 days of such notice or cessation; or |

| • |     | we, in our sole discretion, permit the exchange of any beneficial interest in such global certificate for one or 
 more physical certificates at the request of the owner of such beneficial interest.                              |

SA-37

MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS The following discussion is a summary of material U.S. federal income tax considerations relevant to the purchase, ownership and disposition of the shares of the STRC Stock issued under this STRC Stock Annex (such shares issued hereunder referred to as “Offered Shares” for purposes of this discussion), but does not purport to be a complete analysis of all potential U.S. federal income tax considerations. This discussion deals only with Offered Shares held as capital assets, within the meaning of Section 1221 of the Code, by holders who purchase such shares in this offering. This discussion does not cover all aspects of U.S. federal income taxation that may be relevant to the purchase, ownership or disposition of the Offered Shares by prospective investors in light of their particular circumstances. In particular, this discussion does not address all of the tax considerations that may be relevant to persons in special tax situations, including, without limitation, tax-exemptorganizations, insurance companies, banks or other financial institutions, dealers in securities or currencies, entities or arrangements treated as partnerships for U.S. federal income tax purposes or other flow-through entities (and investors therein), subchapter S corporations, retirement plans, individual retirement accounts or other tax-deferredaccounts, real estate investment trusts, regulated investment companies, persons liable for any alternative minimum tax, “controlled foreign corporations