At the beginning of February, Strategy (MSTR), the world’s largest publicly traded Bitcoin holder has fallen 7% and is on track to decline for the eighth consecutive month.
The stock currently trades near $141, down about 75% from its all-time high of about $540 in November 2024.
Most of the decline has occurred since July, marking seven consecutive months of negative growth. By the end of 2025, the stock was down 48% for the year, its second-worst annual performance on record. The worst year remains 2022, when shares fell 75%.
In comparison, Bitcoin prices are down about 40% from October’s all-time high. This puts the performance gap between MSTR and Bitcoin at approximately 35%. According to checkonchain data, this spread once widened to 45% in January, which was the same as the highest record in 2021.
The company’s net asset value (mNAV) multiple, calculated by dividing its enterprise value by its Bitcoin reserves, remains above one at 1.09. This means Strategy can continue to sell common stock through market offerings to buy Bitcoin.
However, if the stock price falls further, future Bitcoin purchases may be reduced. If mNAV falls below 1, companies may be forced to suspend purchases and wait for a rebound.
During the last bear market in 2022, Strategy raised only $275 million and used the proceeds to purchase approximately 10,000 Bitcoins.
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