Shares of Strategy (MSTR) have faced a notable decline, experiencing a drop for six consecutive months—an unprecedented trend since the company began adopting bitcoin as a treasury asset in August 2020. This information was highlighted in a performance table shared by crypto analyst Chris Millas on January 1.
Millas analyzed Strategy’s monthly returns and shared a chart illustrating these figures since 2020. The data reveals a consistent downturn from July through December 2025, with monthly losses including a steep 16.78% in August, followed by 16.36% in October, 34.26% in November, and a further 14.24% in December.
While the stock has seen larger single-month declines in the past, previous downturns were often followed by notable rebound months. For example, during the 2022 bear market, substantial losses typically heralded recovery rallies exceeding 40% within a short time frame. However, the absence of a similar relief rally in the latter half of 2025 signifies a shift towards a more sustained repricing, rather than a temporary dip in value.
On December 31, Strategy shares closed at $151.95, reflecting a 2.35% decrease for the day. Over the past month, the stock has decreased by 11.36%, and its losses extend to 59.30% over the past six months and 49.35% over the duration of the last year.
In contrast, bitcoin has demonstrated comparatively stronger performance during similar timeframes. As of noon ET on January 1, bitcoin was trading at $87,879, up 0.38% over the last 24 hours. However, it faced a decline of 5.06% over the past month, 27.36% over the past three months, and 9.65% over the past year.
Despite the challenges in equity performance, Strategy has continued to bolster its bitcoin holdings. On December 29, executive chairman Michael Saylor announced via X that the firm acquired 1,229 BTC for approximately $108.8 million. As of December 28, the company’s total bitcoin assets reached 672,497 BTC, valued at around $50.44 billion.
Moreover, Strategy’s stock performance has lagged behind the broader market, with the Nasdaq 100 index—of which it is a part—gaining 20.17% in 2025. This disparity highlights the ongoing challenges the company faces, but with its continued investment in bitcoin, there remains potential for a strategic turnaround in the future.