Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 15
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 maintained.

Although we have listed the STRD Stock on The Nasdaq Global Select Market, a liquid trading market for the STRD Stock may not continue to develop or be
maintained, and the listing may be subsequently withdrawn. Accordingly, you may not be able to sell your STRD Stock at the times you wish to or at favorable prices, if at all.

The liquidity of the trading market, if any, and future trading prices of the STRD Stock will depend on many factors, including, among other things,
prevailing interest rates, our dividend yield, financial condition, results of operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities market. Many of these factors
are beyond our control.

Market volatility could significantly harm the market for the STRD Stock, regardless of our financial condition, results of
operations, business, prospects or credit quality.

The condition of the financial markets, prevailing interest rates and other factors could significantly affect the trading price of the STRD Stock.

The condition of the financial markets and changes in prevailing interest rates can have
an adverse effect on the trading price of the STRD Stock. For example, prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, and we would expect an increase in prevailing interest rates to depress the
trading price of the STRD Stock. An increase in short- or long-term interest rates, including as a result of a rise in actual or expected inflation, could cause the trading price of the STRD Stock to fall significantly.

SA-8

Holders of STRD Stock may be treated as receiving deemed distributions, and consequently may be subject to tax with respect to the STRD Stock under certain circumstances, even though no corresponding distribution of cash has been made.

Under
Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”), holders of STRD Stock may be treated as receiving a deemed distribution on the STRD Stock under certain circumstances, including (i) an increase in the
liquidation preference of the STRD Stock or (ii) if the STRD Stock is issued at a discount. The liquidation preference of the STRD Stock is subject to adjustment in the manner described in this STRD Stock Annex, which adjustment may result in
an increase in the liquidation preference. Such increase in the liquidation preference could give rise to a deemed dividend to holders of STRD Stock. Although the matter is not entirely clear, we believe