As February begins, Strategy (MSTR), the world’s largest publicly traded bitcoin holder It is already down 7% and is on track for an eighth consecutive monthly drop.
The stock, currently trading near $141, is down about 75% from its November 2024 all-time high of around $540.
Most of the decline has occurred since July, with seven consecutive negative months. By the end of 2025, the stock had fallen 48% for the year, its second-worst annual performance on record. The worst year remains 2022, when stocks fell 75%.
The price of bitcoin, by comparison, has fallen about 40% from its all-time high in October. This puts the performance gap between MSTR and bitcoin at approximately 35%. In January, that spread briefly widened to 45%, matching a record last seen in 2021, according to checkonchain.
The company’s net asset value (mNAV) multiple, calculated by dividing the enterprise value by its bitcoin reserves, remains above 1 at 1.09. This means that Strategy can continue to sell common stock through market offerings to purchase bitcoin.
However, if the stock falls further, future bitcoin purchases are likely to be lower. If mNAV falls below 1, the company could be forced to suspend purchases and wait for a rebound.
During the previous bear market, in 2022, Strategy was able to raise only $275 million and used the proceeds to purchase approximately 10,000 BTC.
Read more: Michael Saylor’s bitcoin stack is officially underwater, but here’s why it probably won’t hit the panic button
