Shares tied to Strategy hit first half-year decline since 2020 bitcoin pivot

Strategy (MSTR) shares have fallen for six consecutive months — the longest losing streak since the company adopted bitcoin as a treasury asset in August 2020 — according to crypto analyst Chris Millas.

In a Jan. 1 post on X, Millas shared a chart of Strategy’s monthly returns since 2020, showing uninterrupted losses from July through December 2025. Key declines included 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December.

While Strategy has experienced sharper single-month drops in the past, those drawdowns were typically followed by rapid rebounds. During the 2022 bear market, for example, steep losses were offset by rallies of more than 40% within months. The absence of a rebound in the second half of 2025 suggests a more persistent repricing rather than a temporary sell-off.

Shares closed Dec. 31 at $151.95, down 2.35% on the day, marking declines of 11.36% over the past month, 59.30% over six months, and 49.35% over the year.

Bitcoin has performed better over the same period. As of Jan. 1, BTC traded at $87,879, 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 the purchase of 1,229 BTC for roughly $108.8 million, bringing the company’s total holdings to 672,497 BTC valued at about $50.44 billion.

Strategy also lagged the broader market, with the Nasdaq 100 up 20.17% in 2025, underscoring the stock’s underperformance relative to equities and bitcoin alike.