<SEC-DOCUMENT>0001193125-25-059788.txt : 20250321
<SEC-HEADER>0001193125-25-059788.hdr.sgml : 20250321
<ACCEPTANCE-DATETIME>20250321080453
ACCESSION NUMBER:		0001193125-25-059788
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250321
DATE AS OF CHANGE:		20250321

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:		25758563

	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>d868064dfwp.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 March&nbsp;18, 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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g868064g0321042548568.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:1pt; 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>March&nbsp;20, 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Strategy </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>8,500,000 Shares of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10.00% Series A Perpetual Strife 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 March&nbsp;18, 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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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MicroStrategy Incorporated d/b/a Strategy.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Securities Offered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share, of the Issuer (the &#147;Perpetual Strife Preferred Stock&#148;).</TD></TR>
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<TD VALIGN="top">Amount Offered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8,500,000 shares of Perpetual Strife Preferred Stock.</TD></TR>
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<TD VALIGN="top">Public Offering Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$85.00 per share of Perpetual Strife Preferred Stock.</TD></TR>
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<TD VALIGN="top">Trade Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;20, 2025.</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">Settlement Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tuesday, March&nbsp;25, 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
Strife Preferred Stock before the business day before the Settlement Date must, because the Perpetual Strife 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>
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<TD VALIGN="top">Stated Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$100 per share of Perpetual Strife Preferred Stock.</TD></TR>
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<TD VALIGN="top">Liquidation Preference</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initially, $100 per share of Perpetual Strife Preferred Stock. The Liquidation Preference will be subject to adjustment in the manner described in the Preliminary Prospectus Supplement. However, the Liquidation Preference will not
be adjusted to an amount that is less than the Stated Amount.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Regular Dividends</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Perpetual Strife Preferred Stock will accumulate cumulative dividends (&#147;Regular Dividends&#148;) at a rate per annum equal to 10.00% (the &#147;Regular Dividend Rate&#148;) on the Stated Amount thereof, regardless of
whether or not declared or funds are legally available for their payment. Subject to the other provisions described in the Preliminary Prospectus Supplement, Regular Dividends will be payable when, as and if declared by our board of directors or any
duly authorized committee thereof, out of funds legally available for their payment, quarterly in arrears on each Regular Dividend Payment Date to the preferred stockholders of record as of the close of business on the Regular Record Date
immediately preceding the applicable Regular Dividend Payment Date.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Declared Regular Dividends on the Perpetual Strife Preferred Stock will be payable solely in cash, in the manner, and subject to the provisions, described in the Preliminary Prospectus Supplement.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If any accumulated Regular Dividend (or any portion thereof) on the Perpetual Strife Preferred Stock is not paid on the applicable Regular Dividend Payment Date (or, if such Regular Dividend Payment Date is not a business day, the
next business day), then additional Regular Dividends (&#147;Compounded Dividends&#148;) will accumulate on the amount of such unpaid Regular Dividend, compounded quarterly at the &#147;Compounded Dividend Rate,&#148; from, and including, such
Regular Dividend Payment Date to, but excluding, the date the same, including all Compounded Dividends thereon, is paid in full. The</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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Compounded Dividend Rate applicable to any unpaid Regular Dividend that was due on a Regular Dividend Payment Date (or, if such Regular Dividend Payment Date is not a business day, the next business day) will initially be a rate per
annum equal to the Regular Dividend Rate plus 100 basis points; <I>provided</I>, <I>however</I>, that, until such Regular Dividend, together with Compounded Dividends thereon, is paid in full, such Compounded Dividend Rate will increase by 100 basis
points per annum for each subsequent &#147;regular dividend period&#148; (as defined in the Preliminary Prospectus Supplement), up to a maximum rate of 18% per annum.</TD></TR>
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<TD VALIGN="top">Regular Dividend Payment Dates</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 June&nbsp;30, 2025.</TD></TR>
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<TD VALIGN="top">Regular Record Dates</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">Directed Share Program</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At our request, the underwriters have reserved up to 425,000 shares of the Perpetual Strife 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, officers and directors based in the United States. The number of shares of the Perpetual Strife 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 Strife Preferred Stock. We have applied to list the Perpetual Strife Preferred Stock on The Nasdaq Global Select Market under the symbol &#147;STRF.&#148; If the listing is
approved, we expect trading in the Perpetual Strife Preferred Stock to commence within 30 days after the Settlement Date.</TD></TR>
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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 $711.2&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>
</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">Book-Running Managers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Morgan Stanley&nbsp;&amp; Co. LLC</TD></TR>
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<TD VALIGN="top"></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">Citigroup Global Markets 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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cantor Fitzgerald&nbsp;&amp; Co.</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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mizuho Securities USA LLC</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SG Americas Securities, LLC</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>
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<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">BTIG, 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 Strife Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">594972 879 / US5949728795.</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: Morgan Stanley&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by phone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-866-718-1649</FONT></FONT></FONT> or by email: prospectus@morganstanley.com, 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> Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-831-9146</FONT></FONT></FONT> or email: prospectus@citi.com or 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> </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 Strife 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 Strife Preferred Stock. </B></P>
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