Strategy (MSTR) shares have slumped for six straight months — the longest losing streak since the company adopted bitcoin as a treasury asset in August 2020, according to crypto analyst Chris Millas.
In a Jan. 1 post on X, Millas shared a chart of monthly returns since 2020, showing continuous losses from July through December 2025. Key monthly drops included 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December.
Historically, steep single-month declines were often followed by sharp rebounds. During the 2022 bear market, losses were quickly offset by rallies exceeding 40%. The lack of a similar bounce in the latter half of 2025 suggests a more sustained repricing rather than a short-lived sell-off.
Shares closed Dec. 31 at $151.95, down 2.35% for the day, and are down 11.36% over the past month, 59.30% over six months, and 49.35% over the year.
Bitcoin has held up better. As of Jan. 1, BTC traded at $87,879, down 5.06% over the past month, 27.36% over three months, and 9.65% over the year.
The divergence comes even as Strategy continued adding to its bitcoin holdings. On Dec. 29, executive chairman Michael Saylor announced the purchase of 1,229 BTC for roughly $108.8 million, bringing total holdings to 672,497 BTC valued at about $50.44 billion.
The stock has also lagged the broader market, with the Nasdaq 100 up 20.17% in 2025, highlighting Strategy’s underperformance relative to equities and bitcoin alike.
