Strategy (MSTR) shares fell in each of the final six months of 2025, marking the first such streak since the company adopted bitcoin as a treasury asset in August 2020.
Six straight down months
Crypto analyst Chris Millas flagged the move in a Jan. 1 post on X, sharing a table of Strategy’s monthly returns since 2020.
The data showed uninterrupted losses from July through December 2025, including drops of 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December.
Break from past drawdown pattern
Millas wrote in his post:
“Strategy shares have declined for six consecutive months for the first time since the firm adopted bitcoin as a treasury asset in August 2020.”
The chart highlighted that while Strategy has seen larger single-month declines in prior cycles, those drawdowns were often followed by sharp rebound months.
Underperformance versus bitcoin and Nasdaq
Strategy closed Dec. 31 at $151.95, down 2.35% on the day, according to Google Finance.
The stock was down 11.36% over the past month, 59.30% over six months, and 49.35% over the past year.
Bitcoin traded around $87,879 as of noon ET on Jan. 1, according to CoinDesk Data, down 5.06% over the past month and 9.65% over the past year.
Strategy also lagged the Nasdaq 100, which rose 20.17% in 2025.
Buying continued
On Dec. 29, Executive Chairman Michael Saylor said the firm bought 1,229 BTC for about $108.8 million.
He added that as of Dec. 28, Strategy held 672,497 BTC acquired for roughly $50.44 billion.
Strategy’s bitcoin accumulation has made it one of the largest corporate holders tracked in public company bitcoin treasuries, including on Bitbo’s MicroStrategy holdings page.
