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

Strategy (MSTR) monthly performance since January 2020 (Chris Millas / X)

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.

Strategys equity performance also lagged the broader market. The Nasdaq 100 index, of which the company is a constituent, rose 20.17% in 2025.