Shares of Strategy (MSTR) have fallen for six consecutive months for the first time since the firm adopted bitcoin as a financial asset in August 2020, according to a performance chart shared Thursday by crypto analyst Chris Millas.
In a Jan. 1 post on X, Millas highlighted the rare streak and attached a chart showing the Strategy’s monthly returns since 2020. The data shows the stock posted uninterrupted losses from July to December 2025, including declines of 16.78% in August, 16.36% in October, another 34.26% in November and another 14.26% decline in November.
While Strategy has experienced steeper losses in a single month in the past, the chart shows that these write-downs were typically marked by strong recovery months. During the bear market in 2022, large falls were e.g. followed by increases of more than 40% within a few months. The absence of any comparable relief rally in the second half of 2025 marks a break from the historical pattern, suggesting a more sustained price correction rather than a short-term selloff.
Strategy shares closed Dec. 31 at $151.95, down 2.35% on the day, according to Google Finance. The stock is down 11.36% over the past month, 59.30% over six months and 49.35% over the past year.
Bitcoin has outperformed over comparable periods. According to CoinDesk Data, bitcoin was trading at $87,879 as of noon ET on January 1, up 0.38% over the past 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.
The deviation has occurred even as the strategy continued to increase its bitcoin holdings. On December 29, executive chairman Michael Saylor announced on X that the firm had acquired 1,229 BTC for approximately $108.8 million. As of December 28, Strategy had acquired 672,497 BTC worth about $50.44 billion, he said.
The strategy’s stock performance also lagged the broader market. The Nasdaq 100 index, of which the company is a component, rose 20.17% in 2025.
