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Last year represented the second-worst annual performance since Strategy implemented its bitcoin treasury strategy.
Strategy Executive Chairman Michael Saylor (Danny Nelson, modified by CoinDesk)
Key points:
- Strategy (MSTR) shares have declined for seven consecutive months.
- The firm’s multiple to net asset value currently stands at 1.09, permitting ongoing stock sales to finance bitcoin acquisitions.
- In the previous bear market of 2022, Strategy was able to raise only $275 million, which it allocated to procure approximately 10,000 bitcoin.
As February commences, Strategy (MSTR), the largest publicly traded bitcoin holder globally , has already decreased by 7% and is on course for an eighth consecutive monthly drop.
The shares, presently trading at around $141, have fallen approximately 75% from their peak of about $540 in November 2024.
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The majority of the decline has taken place since July, resulting in seven consecutive months of negative performance. By the end of 2025, the stock had dropped 48% for the year, marking its second-worst annual performance on record. The most significant downturn remains in 2022, with shares dropping 75%.
In contrast, the bitcoin price has fallen approximately 40% from its all-time high in October. This has created a performance disparity of around 35% between MSTR and bitcoin. In January, this gap briefly expanded to 45%, matching a record last observed in 2021, according to checkonchain.
The company’s multiple to net asset value (mNAV), calculated by dividing enterprise value by its bitcoin holdings, remains above 1 at 1.09. This indicates that Strategy can continue to sell common stock through at-the-market offerings to acquire bitcoin.
However, if the stock continues to decline, subsequent bitcoin acquisitions are likely to be reduced. Should mNAV fall below 1, the company might need to halt purchases and wait for a market recovery.
During the previous bear market of 2022, Strategy managed to raise only $275 million, using the funds to obtain roughly 10,000 BTC.
Read More: Michael Saylor’s bitcoin stack is officially underwater, but here’s why he likely won’t reach for the panic button
