Shares of Strategy (MSTR) have declined for six straight months for the first time since the company adopted bitcoin as a treasury asset in August 2020, according to a performance chart shared Thursday by crypto analyst Chris Millas.
In a Jan. 1 article on
Although the strategy has seen larger monthly losses in the past, the chart shows that these declines were generally punctuated by months of sharp rebounds. During the 2022 bear market, for example, sharp declines were followed by increases of more than 40% within a few months. The lack of a comparable recovery in the second half of 2025 marks a break from this historical trend, suggesting a more persistent revaluation rather than a short-lived sell-off.
Strategy shares closed Dec. 31 at $151.95, down 2.35% on the day, according to Google Finance. The stock is down 11.36% over the last month, 59.30% over six months and 49.35% over one year.
Bitcoin has held up better over comparable periods. According to CoinDesk Data, bitcoin was trading at $87,879 as of noon ET on January 1, up 0.38% over the past 24 hours. The flagship cryptocurrency is down 5.06% over the past month, 27.36% over the past three months, and 9.65% over the past year.
The divergence emerged even as Strategy continued to increase its Bitcoin holdings. On December 29, Executive Chairman Michael Saylor announced on X that the company had acquired 1,229 BTC for approximately $108.8 million. As of December 28, Strategy held 672,497 BTC acquired for approximately $50.44 billion, it said.
The strategy’s stock performance also lagged the broader market. The Nasdaq 100 index, of which the company is a part, increased by 20.17% in 2025.
