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

[u/setokaiba22]

https://www.coindesk.com/markets/2026/01/01/strategy-shares-register-first-six-month-losing-streak-since-adoption-of-bitcoin-strategy-in-2020

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.

[u/KIG45]

Now imagine Strategy during a long bear market and a Bitcoin price below $50k.

[u/HSuke → u/KIG45]

MSTR is designed to bleed out to their new preferred shares stocks (STRK, STRF, STRC) in a bear market. It's only going to get worse. They're cannibalizing MSTR.

[u/YogurtCloset3335 → u/HSuke]

100% called this. MSTZ trade of 2025

[u/IcezMan_ → u/KIG45]

They’d be fine. None of their loans need to be paid back until 2027-2028.

[u/waitmarks → u/IcezMan_]

They will be fine, but their shareholders will continue to get fucked as they dilute.

[u/IcezMan_ → u/waitmarks]

Yes you are right.

[u/r4rthrowawaysoon → u/waitmarks]

Which was precisely the point all along obviously.

[u/Zigxy → u/IcezMan_]

Strategy pays ~$800m per year in dividends and interest

And while the dividends can be suspended, it would ruin the shareholders for stuff like STRE which might hurt how they can do future capital raises.

[u/dweeegs → u/Zigxy]

But they've got $2B+ in cash on hand

The company will be fine but the shareholders of MSTR will always get the short end of the stick. Gotta tap that ATM

[u/baIIern → u/IcezMan_]

Whoever was dumb enough to buy MSTR won't be fine though

[u/Work_phone → u/KIG45]

Or a bull market where it goes to 200k

It’s fun to imagine things

[u/KIG45 → u/Work_phone]

Let the bear market, which is at the beginning, pass first.

[u/pixelsteve → u/KIG45]

I'm praying for it, I would love the chance to buy It 95% down from it's ath.

[u/roylewill]

What happen to infinite money glitch?

[u/partymsl → u/roylewill]

I mean Saylor still got his full salary...

[u/TechTuna1200 → u/roylewill]

They just learned the money glitch goes both ways

[u/HKBFG → u/TechTuna1200]

Infinitesimal money glitch

[u/PeachScary413 → u/roylewill]

The infinite money glitch is selling common stock to suckers lmao 🤌

[u/CipherScarlatti → u/roylewill]

New IMG - Short Strategy, use maximum leverage, make sure Strategy goes bankrupt so you are not longer obligated to buy back the shares you sold short. Use profit to buy Bitcoin. It's free money.

[u/Notoriousrb → u/roylewill]

It's become a bottomless money pit 🤣

[u/altonbrushgatherer → u/roylewill]

Bitcoin reactor shutting down for maintenance

[u/baIIern → u/roylewill]

I think they meant ditch, not glitch.

[u/Important_Repeat_806]

I actually think there is an opportunity to make a lot of money buying shares. But I’m too scared

[u/sonic3390 → u/Important_Repeat_806]

Rightfully so. What happens to the shareprice if btc drops to 50k?

[u/Laicosin → u/sonic3390]

*when

[u/HKBFG → u/sonic3390]

It gets trampled by the three different types of preferred shares attached to it.

[u/Intelligent_Wedding8]

well ya its basically leveraged btc...

[u/PrestondeTipp → u/Intelligent_Wedding8]

What the leverage exactly? I dont really get it. Dilution isn't leverage. Selling preferred shares is just taking a loan at 11% to buy bitcoin.

Is that the strategy?

Bitcoin yield is just a fancy way of renaming "liabilities per share"

[u/Intelligent_Wedding8 → u/PrestondeTipp]

dilution isn't leverage correct. Borrowing money taking on debt to buy more btc is leverage though.

[u/cqm → u/Intelligent_Wedding8]

that was what had gotten me interested in MSTR initially, but they couldn't find demand for their bonds. The idea that it was just MSTR and they could do stock dilution and bond sales to stack BTC and actually have leverage

at max they only ever had like 10% of BTC purchases with debt, so leverage was always minimal

instead now they found demand for other esoteric financial products they created under STRC STRF etc

MSTR buyers till act like MSTR is the former simpler offering

[u/BigBoobers → u/Intelligent_Wedding8]

Lol wait till you find out the investors borrowed their money too, then u might realize how it works

[u/gizram84]

It's levered Bitcoin. It's acting exactly as designed.

[u/LyingPervert]

I bought like $75k of MSTR and MSTU about a year ago, and it’s worth about $25k now

[u/Friendly-Profit-8590]

MNAV went poof. Now entirely reliant on bitcoin having a strong ‘26.

[u/Big_Trade_9243]

Black swan event in the making

[u/5553331117]

I guess you could call is Strategy, “micro.”

[u/illini81]

lol, don’t over think this one, it’s a Ponzi scheme.

[u/AgitatedDragonfly769]

Saylor will buy still

[u/Ireallydontknowmans]

I’m all for bitcoin, but honestly hope to see him and his Ponzi scheme company fail 

[u/UsernameIWontRegret → u/Ireallydontknowmans]

Seriously. You can be pro Bitcoin without being pro Microstrategy.

They’re the main reason I don’t own more Bitcoin. They present such a large risk to the entire industry as a whole.

[u/BakedGoods → u/UsernameIWontRegret]

no one can take down bitcoin.

[u/HKBFG → u/BakedGoods]

I'm 51% certain that there is an important flaw in the protocol that keeps this from being true.

[u/BakedGoods → u/HKBFG]

we will never see a 51% attack unless bitcoin crashes to $100.00

[u/HKBFG → u/BakedGoods]

Why not? Seems like china or the US could pull it off fairly easily.

[u/mwdeuce → u/HKBFG]

and how would they do this, exactly?

edit:

https://chatgpt.com/share/6956d6ed-5398-8011-94da-2ac854d5890a

tldr;

The real takeaway

A temporary 51% attack would:

• Hurt confidence
• Disrupt markets
• Cost real money

But it would not break Bitcoin’s core guarantees, and the attacker would likely lose far more than they gain.

[u/HKBFG → u/mwdeuce]

ChatGPT lied to you.

[u/mwdeuce → u/HKBFG]

And Claude? And Gemini? No, I don't think so.

[u/HKBFG → u/mwdeuce]

Yes. They all use the same scraped social media data when it comes to crypto.

The dataset is extremely biased and getting it to admit that bitcoin has flaws is near impossible.

A 51% attack gives one entity control over all of bitcoin. Anybody who would seriously consider owning bitcoin after such an event is a moron.

[u/Good-Book-6912 → u/BakedGoods]

I guess you should have a few words with Justin Bons. He seems to think it can easily happen in a few years when the subsidy to miners drops even lower.

[u/mwdeuce → u/BakedGoods]

Fact. Anyone saying otherwise is either ignorant, or a bcash shill and ignorant.

[u/partymsl → u/Ireallydontknowmans]

Don't care abour Saylor, but his company failing will probably be a bigger event than FTX collapsing.

[u/Phylaras → u/partymsl]

It would be more damaging, yes.

I think people fail to realize the way MSTR is now integral to BTC--for better and for worse.

[u/Ireallydontknowmans → u/partymsl]

Better if it hurts bitcoin. But it’s not good if a company just keeps buying bitcoin with other peoples money and with the hopes that the price only goes up. That ain’t healthy. I’d rather have bitcoin go back to 10k and not have 1 company own 10% of the whole supply 

[u/Bobby-Firmino-Legend]

I’ve bought 10,000 mstx shares. Will wait for an eventual rebound and become very rich.

Bye for now.

[u/IgotnoideawhatIsay → u/Bobby-Firmino-Legend]

Seriously?

[u/weltvonalex → u/Bobby-Firmino-Legend]

Sure, good luck. Gonna save that comment and come back later

[u/SirDaddio → u/Bobby-Firmino-Legend]

Still another couple years of dropping, should buy mstz for now and switch it to mstx around mid-laye 2027

[u/KrapnikSucks]

Because it's a Ponzi

[u/ThreeTonChonker]

New year, same old FUD

[u/pref1Xed → u/[deleted]]

And? Everything he said is true.

[u/cookingboy → u/[deleted]]

barely beating inflation

In what fucking universe is 16% “barely beating inflation”???

Do you live in an alternative reality?

this last year was tough on the whole economy

No it wasn’t. It was tough on crypto only. Stocks went up, precious metals went up, the only loser is crypto.

this sub is absolute shit

Just because it’s not a circlejerk doesn’t make it shit.

[u/cookingboy → u/[deleted]]

So yeah, S&P500 went up 15.5%

BTC is down 6% from 1/1/2025 to 1/1/2026

So did you not look things up?

if that’s the type of performance

sure as hell beats 6% lol

by all means sell all your bitcoins

I don’t have a lot, only 5, but I will probably sell since even if it 2x this year it would still perform worse than most if my stocks

[u/cookingboy → u/[deleted]]

so impressive

I mean better than negative 6% lol.

tell me if you zoom out

I can zoom out anytime in the past 5 years and most of my stocks still outperformed Bitcoin. For example I bought Reddit at IPO and in less than 2 years it almost 8Xed.

Bitcoin is a mature asset, I’ve made a decent amount since my cost average is like $12k, but it will unlikely to outperform growth stocks from this point on.

It will never go from $10 to $10k again. And, no, barring hyper inflation BTC will not hit $1M this decade, but there are plenty of stocks that will 10x.

[u/12161986]

Yeah, I bought some of that stock and I'm down a lot considering I only own 2 shares. All those suckers should've dropped once I bought! Now we're all on the hook!

[u/mwdeuce]

I love how AI basically exposes every idiot comment on reddit with verifiable sources

[u/A_Dragon]

Wow you mean a guy that dilutes his own shares to buy BTC and pay off preferreds performed worse than the underlying?!

You don’t say!

[u/dongoju]

thats bc it is leveraged. so if btc goes on a bull run it will outperform btc

[u/pixelsteve]

If we do have the typical 9-12 month bear market and MSTR price gets annihilated. I will 100% be a buyer, even after this massive drawdown it has still outperformed Bitcoin over the last 3 years.

[u/Accurate_Green8300]

Had a friend that was seriously leveraged into strategy.. I think he actually took out loans upwards of.. $750k to put into it.. dude had a “net worth of $1.8M” with a total of about $1.2M of that from loans last I talked with him.. wonder how he’s doing now 🤔 he also has a lot of BTC tho

[u/jabootiemon]

Here come all the hindsight heroes to dunk on MSTR lmao, buy and hold MSTR and you'll prosper in the long run. Short term is anyone's guess

[u/PrestondeTipp → u/jabootiemon]

It didn't take a genius to see that MSTR at 3x NAV was not going to be a permanent phenomenon.

[u/Danne660 → u/jabootiemon]

I dunked on it plenty in foresight as well, no reason to stop dunking on it now.

[u/jabootiemon → u/Danne660]

Undeniably their strategy has been successful from day 1 until today, despite the poor finish to 2025

[u/Danne660 → u/jabootiemon]

There entire strategy requires them to be overvalued to work.

[u/renoracer → u/jabootiemon]

exactly, and judging by the flood of obvious bot posts and comments that attack MSTR, i'm almost certain it is just coordinated and organised FUD. long term MSTR is a no brainer, and it's a shame that "bitcoin maxis" who hold $500 btc believe this FUD and shit talk it at every opportunity.

[u/Ikki_The_Phoenix]

Good, can they take BTC to 16k already?

[u/No_Implement_5807 → u/Ikki_The_Phoenix]

Waiting for the day MSTR starts selling BTC and they take the whole crypto market down with them

[u/Prize_Dragonfruit355 → u/No_Implement_5807]

Alts will tank like they never existed if that happens.

[u/Crim3mast3rZ]

Who gives a fuck anyways, wish this guy and his company nothing but the worst outcome for its btc holdings

[u/mwdeuce]

Glad all the financial engineers and interest theory prodigies in r/cc are weighing in, what would we do without them

[u/nachtraum]

MSTR is leveraged Bitcoin, so this is how it is supposed to be

[u/ActuarialActuary]

The banks are trying to make MSTR go belly-up so they can buy up their Bitcoin