MSTR stock has declined for six consecutive months, marking its longest losing streak since Strategy adopted Bitcoin as a treasury asset in August 2020. The rare pattern was highlighted by crypto analyst Chris Millas using monthly performance data shared on January 1.

In an X post, analyst Chris Millas pointed to the unusual pattern using a table of monthly returns. The data track Strategy’s stock performance from 2020 onward. They show uninterrupted declines from July through December 2025, a sequence not seen since the Bitcoin treasury strategy began.

Extended Selloff Breaks MSTR Stock Rebound Pattern

The monthly figures underline the scale of the decline. MSTR stock shares lost 16.78% in August and another 16.36% in October. Losses picked up speed in November, when the exchange rate fell 34.26%, and followed by a new decline of 14.24 percent in December.

Earlier cycles showed a different behavior. Sharp losses during previous drawdowns have sometimes been followed by strong rebounds. In the bear market of 2022, those declines were punctuated by rallies of more than 40% within a few months. No such rebound occurred in the second half of 2025.

Also Read: Bitcoin Strategy Halted: Beckham-Backed Prenetics Quits Buys, Holds 510 BTC

The lack of a recovery period is a definite divergence of the trend of the past trading. The statistics suggest a long-term selling pressure, as opposed to a temporary correction.

According to Google Finance, strategy shares closed at $151.95 on December 31. The stock declined 2.35% on the day. It is decreasing by 11.36% in the last one month, 59.30% in the last six months and by 49.35% over the last year.

Prediction Markets Flag MSCI Risk as MSTR Lags Bitcoin

Data from prediction markets shows increasing uncertainty about the stock. Polymarket indicates that 78% of traders believe Strategy will be dropped from the MSCI index by March 31. The prediction also sounds a caution about the index eligibility in the near term.

Source: Polymarket

Bitcoin has been a stronger performer over the same periods. According to CoinMarketCap data, as of press time, Bitcoin is trading at $87,782, up by 0.32% over the past 24 hours. The asset has fallen 5% over the last month, 27.36% over three months and 7% over the past year.

The divergence between Bitcoin and MSTR stock has widened despite continued accumulation. As TronWeekly reported that on December 29, Strategy acquired 1,229 BTC for about $108.8 million. The company currently owns 672,497 BTC, which it bought at a cost of a total of 50.44 billion at an average of $74,997 per Bitcoin.

Also Read: Strategy Inc. Acquired 1,229 BTC, Expanding Bitcoin Holdings to $50 Billion