A publicly traded company that has been holding Bitcoin as a long-term corporate reserve asset recently experienced a cooling-off period. From July to December 2025, the company's stock price declined for six consecutive months, marking the first time since initiating crypto asset reserves in August 2020 that such a streak has occurred.

Looking at the numbers makes it even more painful: an 16.78% drop in August, a 16.36% decline in October, a sharp 34.26% plunge in November, and another 14.24% decrease in December. In comparison, the Nasdaq 100 index rose 20.17% throughout the same period, clearly showing this company's underperformance.

Interestingly, reviewing historical data reveals a broken pattern. In the past, whenever there was a significant monthly correction, a strong rebound usually followed in the subsequent months. During the 2022 bear market, this was the case—after multiple large drops, stock prices rebounded by over 40% in the following months. This was a typical "rebound after a sharp decline" rhythm.

However, in the second half of 2025, this pattern did not hold. There were no signs of a comparable rebound; instead, the decline continued. This persistent downward trend suggests that the market may be undergoing a deeper re-pricing process, rather than just short-term panic selling. The emergence of this situation indicates that investor confidence in this type of asset allocation is indeed changing.