Strategy shares register first six-month losing streak since adoption of bitcoin strategy in 2020

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Strategy shares register first six-month losing streak since adoption of bitcoin strategy in 2020 Crypto analyst Chris Millhas has highlighted an unusually persistent slump in Strategy shares, breaking with past drawdown patterns even as the firm continued accumulating bitcoin. By Siamak Masnavi , AI Boost Jan 1, 2026, 12:45 p.m. Strategy (MSTR) Executive Chairman Michael Saylor What to know : Strategy shares fell in each of the final six months of 2025, marking the first time since the firm adopted bitcoin in August 2020 as a treasury reserve asset. The decline stands out for its persistence, as past selloffs were often followed by sharp rebounds. The stock sharply underperformed both bitcoin and the Nasdaq 100 despite the firm's continued BTC purchases. Strategy (MSTR) shares have declined for six consecutive months for the first time since the firm adopted bitcoin as a treasury asset in August 2020, according to a performance table shared Thursday by crypto analyst Chris Millas. In a Jan. 1 post on X, Millas highlighted the rare streak and attached a chart showing Strategy’s monthly returns since 2020. The data show the stock posted uninterrupted losses from July through December 2025, including declines of 16.78% in August, 16.36% in October, 34.26% in November and a further 14.24% drop in December. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Strategy (MSTR) monthly performance since January 2020 (Chris Millas / X) While Strategy has experienced steeper single-month losses in the past, the chart shows those drawdowns were typically punctuated by sharp rebound months. During the 2022 bear market, for instance, large declines were followed by rallies 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 that historical pattern, suggesting a more persistent repricing rather than a short-lived 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 held up better over comparable periods. According to CoinDesk Data, bitcoin was trading at $87,879 as of noon ET on Jan. 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 divergence has emerged even as Strategy continued to add to 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 Dec. 28, Strategy held 672,497 BTC acquired for roughly $50.44 billion, he said. Strategy’s equity performance also lagged the broader market. The Nasdaq 100 index, of which the company is a constituent, rose 20.17% in 2025. MicroStrategy Bitcoin News Strategy Nasdaq 100 AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . 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