Strategy shares register first six-month losing streak since adoption of bitcoin strategy in 2020
Strategy shares experienced their first six-month decline since adopting bitcoin in 2020, significantly underperforming both bitcoin and the Nasdaq 100 in 2025.Summary
Strategy (MSTR) shares recorded their first consecutive six-month losing streak since making bitcoin a treasury asset in August 2020, as highlighted by analyst Chris Millas. The stock saw uninterrupted losses from July through December 2025, with notable monthly declines in August, October, November, and December. Unlike previous drawdowns during the 2022 bear market, which were followed by sharp rallies, the second half of 2025 lacked any significant rebound, suggesting a persistent repricing. As of December 31, Strategy stock was down 59.30% over six months and 49.35% over the past year, substantially worse than bitcoin's 27.36% three-month decline and 9.65% yearly decline. This divergence occurred even as Strategy continued to accumulate bitcoin, with executive chairman Michael Saylor announcing a recent purchase of 1,229 BTC. Furthermore, Strategy's equity performance lagged the broader market, as the Nasdaq 100 index rose 20.17% in 2025.
(Source：CoinDesk)