A performance table shared Thursday by crypto analyst Chris Millas reveals that Strategy (MSTR) shares have declined for six consecutive months for the first time since the firm adopted bitcoin as a treasury asset in August 2020. The data, posted on X on Jan. 1, shows uninterrupted losses from July through December 2025: -16.78% in August, -16.36% in October, -34.26% in November, and -14.24% in December.
Historical Rebound Pattern Broken
While Strategy has experienced steeper single-month drops before, those drawdowns were typically followed by sharp recoveries. During the 2022 bear market, for instance, large declines were succeeded by rallies exceeding 40% within a few months. The absence of any comparable relief rally in the second half of 2025 marks a departure from that historical pattern, suggesting a more persistent repricing rather than a temporary selloff.
Strategy shares closed Dec. 31 at $151.95, down 2.35% on the day. Over the past month, the stock is down 11.36%; over six months, 59.30%; and over the past year, 49.35%. Bitcoin has held up comparatively better: according to CoinDesk data, BTC was trading at $87,879 as of noon ET on Jan. 1, up 0.38% in 24 hours. The cryptocurrency is down 5.06% over the past month, 27.36% over three months, and 9.65% over the past year.
The divergence has emerged even as Strategy continued expanding its bitcoin holdings. Executive chairman Michael Saylor announced on Dec. 29 that the firm purchased 1,229 BTC for approximately $108.8 million. As of Dec. 28, Strategy held 672,497 BTC acquired for roughly $50.44 billion.
Strategy also lagged the broader market: the Nasdaq 100 index, of which the company is a constituent, rose 20.17% in 2025.