As February begins, Strategy (MSTR), the world’s largest publicly traded holder of bitcoin is already down 7% and on course for an eighth straight monthly decline.
The stock, currently trading near $141, is down about 75% from its November 2024 all-time high of around $540.
The majority of the decline has occurred since July, with seven negative months in a row. By the end of 2025, the stock had fallen 48% for the year, the second-worst annual performance on record. The worst year remains 2022, when shares fell 75%.
The Bitcoin price, by comparison, is down about 40% from its peak in October. This puts the performance gap between MSTR and bitcoin at around 35%. In January, the spread briefly widened to 45%, matching a record last seen in 2021, according to checkonchain.
The company’s multiple to net asset value (mNAV), calculated by dividing enterprise value by its bitcoin reserves, remains above 1 at 1.09. This means that Strategy is able to continue selling common stock through offers on the market to buy bitcoin.
However, if the stock falls further, future bitcoin purchases are likely to be smaller. Should mNAV fall below 1, the company may be forced to pause purchases and wait for a recovery.
During the previous bear market, in 2022, Strategy was able to raise only $275 million and used the proceeds to buy around 10,000 BTC.
Read more: Michael Saylor’s bitcoin stack is officially underwater, but here’s why he’s probably not reaching for the panic button
