Strategy sees a six-month 66% slide and $90B erased by 26 Dec 2025 amid leverage strain

By 26 December 2025, Strategy ($MSTR) had fallen roughly 66% over six months, wiping close to $90 billion in market value while Bitcoin stayed comparatively firm. The move tracked a collapsed NAV premium, ongoing share issuance, and mounting leverage and balance-sheet concerns that pushed the equity away from Bitcoin’s performance.