Strategy shares dropped nearly 50% in 2025, far outpacing bitcoin’s decline

Strategy (MSTR) shares have been on a downward trend for six consecutive months, marking the first time since the company added bitcoin to its treasury assets in August 2020. This decline was highlighted by crypto analyst Chris Millas in a recent post on X, where he shared a performance table showing Strategy’s monthly returns since 2020.

The data revealed that Strategy experienced losses every month from July to December 2025, with significant declines of 16.78% in August, 16.36% in October, 34.26% in November, and a further 14.24% drop in December. While the company has seen steeper losses in the past, these were typically followed by sharp rebound months. However, the absence of any relief rally in the second half of 2025 suggests a more persistent repricing rather than a short-lived selloff.

As of December 31, Strategy shares closed at $151.95, down 2.35% on the day. The stock has declined by 11.36% over the past month, 59.30% over six months, and 49.35% over the past year. In contrast, bitcoin has fared better over similar periods, trading at $87,879 on January 1, up 0.38% over the past 24 hours. However, it has still seen a 5.06% decline over the past month, a 27.36% drop over the past three months, and a 9.65% decrease over the past year.

Despite Strategy’s ongoing losses, the company has continued to add to its bitcoin holdings. Executive chairman Michael Saylor announced on X that the firm had acquired 1,229 BTC for approximately $108.8 million on December 29. This brought their total bitcoin holdings to 672,497 BTC acquired for roughly $50.44 billion as of December 28.

It is worth noting that Strategy’s equity performance has also lagged behind the broader market, with the Nasdaq 100 index rising by 20.17% in 2025. The divergence between Strategy’s performance and the market, as well as its ongoing bitcoin acquisitions, will be closely watched by investors in the coming months.