Strategy (MSTR) shares have fallen for six consecutive 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 post on
While Strategy has seen steeper losses in a single month in the past, the chart shows that those declines were generally punctuated by months of strong rebounds. During the 2022 bear market, for example, big declines were followed by rallies of more than 40% within a few months. The absence of a comparable relief rally in the second half of 2025 marks a break from that historical pattern, suggesting a more persistent repricing 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 past month, 59.30% over six months and 49.35% over the past year.
Bitcoin has held up better in comparable periods. According to CoinDesk Data, bitcoin was trading at $87,879 at 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, CEO Michael Saylor announced on X that the company had acquired 1,229 BTC for approximately $108.8 million. As of December 28, Strategy had 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, rose 20.17% in 2025.
