Since adopting Bitcoin as a balance sheet asset in 2020, Strategy shares have faced their most prolonged downturn, declining consecutively for six months. According to data shared by cryptocurrency analyst Chris Millas, the shares fell continuously from July to December 2025, presenting a different picture than the sharp fluctuations seen in previous years. Despite the company’s aggressive Bitcoin accumulation, market participants saw no lasting recovery in the share price. The data from the second half of 2025 indicated that the observed weakness was not just a temporary selling pressure but pointed to a deeper repricing process.
Historic Series of Losses in Strategy Shares
Strategy shares experienced consecutive declines for six months from July to December 2025. Sharp drops of 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December put pressure on the stock towards the year-end. At the closing on December 31, the company shares stood at $151.95, marking a 2.35% daily decline.
Compared with past periods, this scenario presents a striking divergence. In the bear market of 2022, sharp declines were balanced by rises exceeding 40% within months. However, the absence of a similar relief rally in the second half of 2025 indicated a more permanent valuation change in investor perception, with a total loss of 59.30% over six months and an annual decline of 49.35%.
Divergence from Bitcoin and Market Comparison
The weakness in share performance has created a notable divergence from Bitcoin’s price movements. According to CryptoAppsy data, Bitcoin was trading at $88,798 at the time of writing. Over the past month, Bitcoin lost 5.06%, 27.36% over three months, and 9.65% over the year, incurring more limited losses compared to Strategy shares during the same periods.
This divergence occurred despite the company continuing its Bitcoin accumulation. On December 29, Chairman Michael Saylor announced the completion of a purchase of 1,229 BTC for approximately $108.8 million. By the end of December, the company’s total Bitcoin holdings reached 672,497 BTC, valued at around $50.44 billion. Despite this, Strategy shares lagged behind the technology-heavy Nasdaq 100 index, which rose 20.17% throughout 2025.
