<SEC-DOCUMENT>0001193125-25-017728.txt : 20250131
<SEC-HEADER>0001193125-25-017728.hdr.sgml : 20250131
<ACCEPTANCE-DATETIME>20250131080420
ACCESSION NUMBER:		0001193125-25-017728
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250131
DATE AS OF CHANGE:		20250131

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSTRATEGY Inc
		CENTRAL INDEX KEY:			0001050446
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				510323571
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-284510
		FILM NUMBER:		25575967

	BUSINESS ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182
		BUSINESS PHONE:		703-848-8600

	MAIL ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROSTRATEGY INC
		DATE OF NAME CHANGE:	19971126

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSTRATEGY Inc
		CENTRAL INDEX KEY:			0001050446
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				510323571
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182
		BUSINESS PHONE:		703-848-8600

	MAIL ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROSTRATEGY INC
		DATE OF NAME CHANGE:	19971126
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d835001dfwp.htm
<DESCRIPTION>FWP
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<HTML><HEAD>
<TITLE>FWP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Issuer Free Writing Prospectus </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration File <FONT STYLE="white-space:nowrap">No.&nbsp;333-284510</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Relating to the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Preliminary
Prospectus Supplement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Dated January&nbsp;27, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">(To Prospectus Dated January&nbsp;27, 2025) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>January&nbsp;30, 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MicroStrategy Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Offering of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7,300,000
Shares of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8.00% Series A Perpetual Strike Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The information in this pricing term sheet supplements MicroStrategy Incorporated&#146;s preliminary prospectus supplement, dated January&nbsp;27, 2025
(the &#147;Preliminary Prospectus Supplement&#148;), and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. Terms used, but not defined, in
this pricing term sheet have the respective meanings set forth in the Preliminary Prospectus Supplement. As used in this pricing term sheet, &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer to MicroStrategy Incorporated and not to its
subsidiaries. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MicroStrategy Incorporated.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities Offered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share, of the Issuer (the &#147;Perpetual Strike Preferred Stock&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Amount Offered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">7,300,000 shares of Perpetual Strike Preferred Stock.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Public Offering Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$80.00 per share of Perpetual Strike Preferred Stock.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Trade Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January&nbsp;31, 2025.</TD></TR>
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<TD VALIGN="top">Settlement Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;5, 2025, which will be the third business day after the Trade Date (this settlement cycle being referred to as &#147;T+3&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), trades in the secondary market generally must settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade Perpetual Strike
Preferred Stock before the business day before the Settlement Date must, because the Perpetual Strike Preferred Stock initially will settle T+3, specify an alternate settlement cycle at the time of such trade to prevent a failed settlement. Those
purchasers should consult their advisors.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Class&nbsp;A Common Stock, $0.001 per share, of the Issuer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ticker / Exchange for Class&nbsp;A Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MSTR / Nasdaq Global Select Market (&#147;NASDAQ&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Last Reported Sale Price per Share of Class&nbsp;A Common Stock on NASDAQ on January&nbsp;30,
2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$340.09.</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liquidation Preference</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$100 per share of Perpetual Strike Preferred Stock.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regular Dividend Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8.00% per annum.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regular Dividend Payment Dates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of each year, beginning on March&nbsp;31, 2025.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regular Record Dates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15, June&nbsp;15, September&nbsp;15 and December 15.</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Conversion Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.1000 shares of Class&nbsp;A Common Stock per share of Perpetual Strike Preferred Stock. The Conversion Rate is subject to adjustment in the manner described in the Preliminary Prospectus Supplement.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Floor Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$119.03 per share of Class&nbsp;A Common Stock (which is equal to approximately 35% of the Last Reported Sale Price per Share of Class&nbsp;A Common Stock on NASDAQ on January&nbsp;30, 2025). The Floor Price is subject to adjustment
in the manner described in the Preliminary Prospectus Supplement.</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">When the Perpetual Strike Preferred Stock May Be Converted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding anything to the contrary in the Preliminary Prospectus Supplement, the Perpetual Strike Preferred Stock may be surrendered for conversion on any business day, subject to the following:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;the Perpetual Strike Preferred Stock may be surrendered for conversion only
after the open of business and before the close of business on a business day;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;if a preferred stockholder has validly delivered a fundamental change
repurchase notice with respect to any share of Perpetual Strike Preferred Stock, then such share may not be converted, except to the extent (i)&nbsp;such notice is withdrawn in accordance with the procedures described in the Preliminary Prospectus
Supplement under the caption &#147;Description of Perpetual Strike Preferred Stock&#151;Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase Perpetual Strike Preferred Stock&#151;Procedures to Exercise the Fundamental Change
Repurchase Right&#148;; or (ii)&nbsp;we fail to pay the related fundamental change repurchase price for such share; and</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;if we call the Perpetual Strike Preferred Stock for redemption, then the
Perpetual Strike Preferred Stock may not be converted after the close of business on the second business day immediately before the related redemption date (unless we fail to pay the redemption price due on such redemption date in full, in which
case the Perpetual Strike Preferred Stock may be converted at any time until such time as we pay such redemption price in full).</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The final prospectus supplement for this offering will reflect the changes described in the previous paragraph.</TD></TR>
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<TD VALIGN="top">Directed Share Program</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At our request, the underwriters have reserved up to 365,000 shares of the Perpetual Strike Preferred Stock, or 5% of the shares offered, for sale at the public offering price through a directed share program to certain of our
employees based in the United States. The number of shares of the Perpetual Strike Preferred Stock available for sale to the general public will be reduced to the extent that such persons purchase such reserved shares. Any reserved shares not so
purchased will be offered by the underwriters to the general public on the same basis as the other shares offered in this offering. Fidelity Brokerage Services LLC and Fidelity Capital Markets, a division of National Financial Services LLC, a
selling group member in this offering, will administer our directed share program. See &#147;Underwriting&#151;Directed Share Program&#148; in the Preliminary Prospectus Supplement.</TD></TR>
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<TD VALIGN="top">Listing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No public market currently exists for the Perpetual Strike Preferred Stock. We have applied to list the Perpetual Strike Preferred Stock on The Nasdaq Global Select Market under the symbol &#147;STRK.&#148; If the listing is
approved, we expect trading in the Perpetual Strike Preferred Stock to commence within 30 days after the Settlement Date.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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<TD VALIGN="top">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We estimate that the net proceeds to us from this offering will be approximately $563.4&nbsp;million, after deducting the underwriting discounts and commissions and our estimated offering expenses. We intend to use the net proceeds
from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital.</TD></TR>
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<TD VALIGN="top">Book-Running Managers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays Capital Inc.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moelis&nbsp;&amp; Company LLC</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BTIG, LLC</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TD Securities (USA) LLC</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Keefe, Bruyette&nbsp;&amp; Woods, Inc.</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AmeriVet Securities, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bancroft Capital, LLC</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Benchmark Company, LLC</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CUSIP / ISIN Numbers for the Perpetual Strike Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">594972 887 / US5949728878.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We
have filed a registration statement (including a prospectus) and the Preliminary Prospectus Supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement and
the prospectus in that registration statement and other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents free by visiting EDGAR on the SEC website at
</B><B><I>www.sec.gov</I></B><B>. Alternatively, we, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus Supplement (or, when available, the final prospectus supplement) and the
accompanying prospectus upon request to: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at barclaysprospectus@broadridge.com or telephone at (888)
<FONT STYLE="white-space:nowrap">603-5847,</FONT> Moelis&nbsp;&amp; Company LLC, 399 Park Avenue, 4th Floor, New York, New York 10022 or by telephone at (800) <FONT STYLE="white-space:nowrap">539-9413,</FONT> BTIG, LLC, 65 East 55th Street, New
York, NY 10022, by telephone at (212) <FONT STYLE="white-space:nowrap">593-7555,</FONT> TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by email at TD.ECM_Prospectus@tdsecurities.com or by telephone at (855) <FONT
STYLE="white-space:nowrap">495-9846</FONT> or Keefe, Bruyette&nbsp;&amp; Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, NY 10019, Attention: Equity Capital Markets, by telephone at (800) <FONT STYLE="white-space:nowrap">966-1559</FONT> or by
email at USCapitalMarkets@kbw.com. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The information in this pricing term sheet is not a complete description of the Perpetual Strike Preferred
Stock or the offering. You should rely only on the information contained or incorporated by reference in the Preliminary Prospectus Supplement and the accompanying prospectus, as supplemented by this pricing term sheet, in making an investment
decision with respect to the Perpetual Strike Preferred Stock. </B></P>
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SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. </B></P>
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