Crypto analyst Chris Millas has highlighted an unusually persistent slump in Strategy (MSTR) shares, marking the first six-month losing streak since the firm adopted bitcoin as a treasury asset in August 2020.
In a Jan. 1 post on X, Millas shared a chart of Strategy’s monthly returns since 2020, showing consecutive declines from July through December 2025. Notable monthly drops included 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December.
While Strategy has experienced steeper single-month losses historically, past drawdowns were typically followed by sharp rebounds. During the 2022 bear market, for example, significant declines were followed by rallies of more than 40% within a few months. The absence of a comparable rebound in the second half of 2025 suggests a more sustained repricing rather than a short-lived sell-off.
Strategy shares closed Dec. 31 at $151.95, down 2.35% on the day. The stock has fallen 11.36% over the past month, 59.30% over six months, and 49.35% over the past year.
Bitcoin, by comparison, has held up better over the same periods. According to CoinDesk data, BTC traded at $87,879 as of noon ET on Jan. 1, up 0.38% over 24 hours, down 5.06% over the past month, 27.36% over three months, and 9.65% over the past year.
The divergence comes even as Strategy continued accumulating bitcoin. On Dec. 29, executive chairman Michael Saylor announced that the company had purchased 1,229 BTC for approximately $108.8 million. As of Dec. 28, Strategy held 672,497 BTC valued at roughly $50.44 billion.
Strategy’s equity performance also lagged the broader market. The Nasdaq 100, of which the company is a constituent, gained 20.17% in 2025, highlighting the contrast between the stock and the broader index.
