Key Highlights
- Strategy shares experienced a six-month losing streak in 2025 for the first time since adopting bitcoin as a treasury asset.
- The decline was unusually persistent and outpaced both Bitcoin’s performance and the Nasdaq 100 index.
- Despite continued bitcoin purchases, Strategy shares underperformed significantly.
- Executive Chairman Michael Saylor announced a significant bitcoin acquisition on December 29, 2025.
The Unusual Downturn of Strategy Shares in 2025
In what has been described as an unusually persistent downturn, Strategy shares experienced their first six-month losing streak since the firm adopted Bitcoin as a treasury asset back in August 2020. This marked a stark departure from past patterns where such drawdowns were often followed by sharp rebounds.
A Persistent Drawdown
According to data shared on January 1, 2026, by crypto analyst Chris Millas, Strategy shares fell in each of the final six months of 2025. This decline was particularly noteworthy for its persistence; previous selloffs were typically punctuated by sharp rebounds that significantly mitigated losses. The absence of such relief rallies during this period indicates a more persistent repricing rather than a short-lived sell-off.
Strategy’s Underperformance
The stock’s performance was notably worse compared to both Bitcoin and the broader Nasdaq 100 index, despite the firm continuing its bitcoin acquisitions. By December 31, 2025, Strategy shares had declined by a significant margin—49.35% over the past year. In contrast, Bitcoin held up better with only a 9.65% decline over the same period.
Continued Bitcoin Investments
Despite the stock’s poor performance, Michael Saylor, Strategy’s Executive Chairman, reaffirmed the firm’s commitment to Bitcoin by announcing on December 29, 2025, that they had acquired an additional 1,229 bitcoins for approximately $108.8 million. This acquisition brought their total holdings of BTC to 672,497 coins, valued at roughly $50.44 billion as of December 28, 2025.
Broader Market Context
The Nasdaq 100 index, which includes Strategy among its constituents, showed a robust performance in 2025 with a 20.17% increase over the year. This divergence highlights how different sectors within the broader market are reacting to current economic conditions.
In conclusion, while Strategy continued to accumulate Bitcoin as part of their treasury strategy, the recent six-month decline in Strategy shares has been notably more severe than previous drawdowns, underscoring the challenges faced by firms that heavily invest in cryptocurrencies. The persistence of this downturn despite ongoing bitcoin purchases suggests a broader market context influencing investor sentiment and stock performance.
