MicroStrategy (MSTR) shares recorded losses for six straight months from July through December 2025 — the first such streak since the company adopted bitcoin as a treasury asset in 2020. The second half of 2025 produced uninterrupted monthly declines, with particularly large drops in November and August.
MicroStrategy's Six-Month Losing Streak
The company’s stock posted uninterrupted losses from July through December 2025, including monthly declines of 16.78% in August, 16.36% in October, 34.26% in November and a further 14.24% in December. While MicroStrategy has seen steeper single-month drawdowns in earlier periods, those past falls were often followed by sharp rebound months; the second half of 2025 lacked a comparable relief rally.
Stock Performance vs. Bitcoin
Over the past year the stock is down 49.35%, and it fell 59.30% over six months with an 11.36% drop in the most recent month. By contrast, bitcoin traded at $87,879 as of noon ET on Jan. 1, 2026 and was up 0.38% over the prior 24 hours; the cryptocurrency was down 5.06% over the past month, 27.36% over three months and 9.65% over the past year. This divergence between MicroStrategy equity and BTC has drawn attention; for discussion of that gap see MSTR below BTC.
MicroStrategy's Bitcoin Holdings
The company continued to add to its bitcoin position even as the stock fell. On December 29, executive chairman Michael Saylor announced the acquisition of 1,229 BTC for approximately $108.8 million, and as of Dec. 28 MicroStrategy held 672,497 BTC acquired for roughly $50.44 billion. That ongoing accumulation is notable given the stock’s underperformance.
For a fuller look at the firm’s balance of bitcoin on the books, see MicroStrategy bitcoin holdings, which summarizes the company’s reported BTC balance in 2025.
Market Context and Comparisons
MicroStrategy’s equity lagged broader indexes: the Nasdaq 100 rose 20.17% in 2025 while the company’s shares declined substantially over the same period. That gap highlights MicroStrategy’s divergence from the broader market and underscores different performance drivers for the stock versus major tech-heavy indices; for related analysis on index positioning, see Nasdaq 100 risks.
Why this matters
If you operate mining equipment in Russia — whether a single rig or hundreds of devices — this news matters mainly if you follow or hold MicroStrategy equity or use its moves as a proxy for bitcoin exposure. The company’s stock can move independently of BTC price, so equity performance may not reflect the short-term outlook for mined bitcoin.
Even if you do not hold MSTR shares, the story underlines a broader point: corporate strategies that concentrate bitcoin on the balance sheet can create a different risk-and-return profile for shareholders than for direct BTC holders. Keep that distinction in mind when you look at companies that report large bitcoin holdings alongside their stock performance.
What to do?
- Check your exposure: if you hold MicroStrategy shares, review how much of your portfolio is tied to that equity versus direct BTC holdings and mining revenue.
- Separate asset types: treat company equity and mined bitcoin as different assets with different volatility and liquidity characteristics.
- Monitor prices: track both BTC market levels and MicroStrategy’s stock moves separately, since their correlations can change.
- Plan for liquidity: ensure operating costs and maintenance for your rigs are covered independently of any equity positions.
- Use reliable sources: follow official company announcements and primary market data rather than social posts alone when making decisions.
