Shares of Strategy (MSTR) have faced a notable decline, marking six consecutive months of losses, a trend not seen since the company adopted bitcoin as a treasury asset in August 2020. This alarming financial streak was highlighted recently by crypto analyst Chris Millas, who shared detailed performance insights on X.
In a post dated January 1, Millas noted the unprecedented nature of this downturn and provided a chart depicting the company’s monthly returns since the start of their bitcoin endeavors. The findings indicate that between July and December 2025, Strategy suffered continuous losses, with significant declines in multiple months. August saw a decrease of 16.78%, followed by drops of 16.36% in October, a staggering 34.26% in November, and a further 14.24% in December.
Historically, while Strategy has previously endured sharp month-to-month drops, such declines were often followed by strong rebounds, as evidenced during the 2022 bear market. However, the absence of any substantial relief rallies in the latter half of 2025 signals a concerning shift, suggesting a more enduring decline rather than a transient selloff.
As of December 31, Strategy shares closed at $151.95, which represented a 2.35% drop for that day alone. The stock has plummeted by 11.36% over the previous month and a staggering 59.30% over the past six months, resulting in a 49.35% decline in the past year.
In contrast, bitcoin’s performance during similar timeframes has shown a degree of resilience. On January 1, bitcoin was priced at $87,879, reflecting a modest increase of 0.38% over the past 24 hours. However, its performance was also not without struggle, demonstrating a 5.06% decline over the last month and a drop of 27.36% over three months, alongside a 9.65% decrease over the past year.
Interestingly, this divergence in performance comes as Strategy has consistently bolstered its bitcoin holdings. On December 29, executive chairman Michael Saylor informed followers on X that the firm successfully acquired 1,229 BTC for approximately $108.8 million. As of December 28, Saylor reported that Strategy held a total of 672,497 BTC, worth about $50.44 billion.
Moreover, the company’s equity performance has notably lagged behind the broader market trends. The Nasdaq 100 index, which includes Strategy, recorded a substantial increase of 20.17% in 2025, further emphasizing the disparity in performance between Strategy’s shares and the overall market.
