For the first time since adopting bitcoin as a treasury asset in August 2020, Strategy (MSTR) shares have seen a decline for six consecutive months, as reported in a performance table shared by crypto analyst Chris Millas on Thursday.
In a post dated January 1 on X, Millas pointed out this unusual trend and included a chart illustrating Strategy’s monthly returns dating back to 2020. Data reveals that the stock experienced continuous losses from July to December 2025, with declines of 16.78% in August, 16.36% in October, 34.26% in November, and another 14.24% drop in December.
Although Strategy has faced greater single-month losses in prior instances, the accompanying chart indicates that such downturns were generally followed by substantial rebound months. For example, during the bear market of 2022, significant drops were succeeded by rallies exceeding 40% within a few months. The lack of any similar relief rally in the latter half of 2025 signifies a departure from this historical trend, indicating a more sustained repricing rather than a brief selloff.
On December 31, Strategy shares closed at $151.95, down 2.35% for the day, according to Google Finance. Over the past month, the stock has declined by 11.36%, 59.30% over six months, and 49.35% over the past year.
In contrast, bitcoin has performed relatively better during similar time frames. According to CoinDesk Data, bitcoin traded at $87,879 as of noon ET on January 1, reflecting a 0.38% increase over the preceding 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.
This divergence has occurred despite Strategy increasing its bitcoin holdings. On December 29, executive chairman Michael Saylor announced on X that the firm had acquired 1,229 BTC for about $108.8 million. As of December 28, Saylor stated that Strategy held 672,497 BTC, obtained for approximately $50.44 billion.
Strategy’s equity performance also lagged behind the overall market. The Nasdaq 100 index, which includes the company, rose 20.17% in 2025.
