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

• 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.

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.

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

• Digital asset treasuries, altcoin ETFs and seasonal strength all failed to support prices, with some DATs now risking forced selling as their market caps fall below NAV.
• October’s $19 billion liquidation cascade hollowed out market depth, and the subsequent rebound has been fueled more by short covering than fresh demand.
• With ETF enthusiasm fading, DATs under pressure and rate cuts failing to lift prices, crypto is entering the new year without a clear bullish catalyst — though capitulation could eventually create opportunity.

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