Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 29

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 29
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 provisions in the STRC Stock could make a third-party attempt to acquire us more
difficult or expensive. For example, if a takeover constitutes a fundamental change, then, except as described in this STRC Stock Annex, preferred stockholders will have the right to require us to repurchase their STRC Stock for cash. See
“Description of STRC Stock—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRC Stock.” These fundamental change provisions could increase the cost of acquiring us or otherwise discourage a third party
from acquiring us or removing incumbent management, including in a transaction that preferred stockholders may view as favorable.

Your investment in the STRC Stock may be harmed if we redeem the STRC Stock.

We have the right to redeem the STRC Stock in certain circumstances. See
“Description of STRC Stock—Redemption at Our Option.” If we redeem your STRC Stock, then you may be unable to reinvest any proceeds from the redemption in comparable investments at favorable dividend or interest rates. Furthermore,
if we elect to redeem the STRC Stock, the redemption price per share of STRC Stock that we redeem may be less than the price per share of STRC Stock that you may receive upon a sale of your STRC Stock in the open market. In addition, a redemption of
less than all of the outstanding STRC Stock may harm the liquidity of the market for the unredeemed STRC Stock following the redemption. Accordingly, if your STRC Stock is not redeemed in a partial redemption, then you may be unable to sell your
STRC Stock at the times you desire or at favorable prices, if at all, and the trading price of your STRC Stock may decline.

Because the STRC Stock is held in book-entry form, holders of the STRC Stock must rely on DTC’s procedures to exercise their rights and remedies.

We initially
issued the STRC Stock, and the STRC Stock sold in this offering will be initially issued, in the form of “global certificates” registered in the name of Cede & Co., as nominee of DTC. Beneficial interests in global certificates
are shown on, and transfers of global certificates are effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue physical certificates representing the STRC Stock. See “Description of STRC
Stock—Book Entry, Settlement and Clearance.” Accordingly, if you own a beneficial interest in a global certificate, then you will not be considered an owner or