Strategy (MSTR) shares have declined for six consecutive months for the primary time for the reason that agency adopted bitcoin as a treasury asset in August 2020, based on a efficiency desk shared Thursday by crypto analyst Chris Millas.
In a Jan. 1 publish on X, Millas highlighted the uncommon streak and hooked up a chart exhibiting Strategy’s month-to-month returns since 2020. The information present the inventory posted uninterrupted losses from July by way of December 2025, together with declines of 16.78% in August, 16.36% in October, 34.26% in November and an extra 14.24% drop in December.
Whereas Strategy has skilled steeper single-month losses in the previous, the chart reveals these drawdowns had been sometimes punctuated by sharp rebound months. In the course of the 2022 bear market, as an example, massive declines had been adopted by rallies of greater than 40% inside a number of months. The absence of any comparable aid rally in the second half of 2025 marks a break from that historic sample, suggesting a extra persistent repricing reasonably than a short-lived selloff.
Strategy shares closed Dec. 31 at $151.95, down 2.35% on the day, based on Google Finance. The inventory is down 11.36% over the previous month, 59.30% over six months and 49.35% over the previous yr.
Bitcoin has held up higher over comparable intervals. In response to CoinDesk Information, bitcoin was buying and selling at $87,879 as of midday ET on Jan. 1, up 0.38% over the previous 24 hours. The flagship cryptocurrency is down 5.06% over the previous month, 27.36% over the previous three months and 9.65% over the previous yr.
The divergence has emerged whilst Strategy continued so as to add to its bitcoin holdings. On December 29, government chairman Michael Saylor announced on X that the agency had acquired 1,229 BTC for about $108.8 million. As of Dec. 28, Strategy held 672,497 BTC acquired for roughly $50.44 billion, he mentioned.
Strategy’s fairness efficiency additionally lagged the broader market. The Nasdaq 100 index, of which the corporate is a constituent, rose 20.17% in 2025.
