Strategy’s MSTR stock ended a nine-month losing streak in April, rising 33% as Bitcoin (BTC) gained nearly 12% during the same period, according to market commentator Mark Harvey on X.
The strong April rebound renewed focus on whether investors still view Michael Saylor’s company as a leveraged proxy for Bitcoin, especially after a difficult stretch when the stock frequently underperformed the cryptocurrency.
A Streak That Needed Ending
The losing run was severe, stretching from mid-2025 through March 2026. July fell 1%, August dropped 17%, and September lost 4%. October slid 16%, followed by a 34% collapse in November. December closed the year down 14%, and the declines carried into 2026: January dipped 2%, February fell about 14%, and March finished with a 4% loss.
Bitcoin’s performance over the same period was also weak at times. BTC fell over 6% in August 2025, rose 5% in September, then dropped nearly 4% in October and about 18% in November, followed by a near 3% decline in December. The flagship crypto posted further losses in the first two months of 2026, before a modest gain of nearly 2% in March halted that five-month losing stretch.
While BTC experienced significant losses, MSTR’s declines were consistently larger—a reflection of the stock’s amplified sensitivity to the underlying asset. April reversed that trend: Bitcoin gained almost 12% for the month, finishing near $76,000, while Strategy’s stock outpaced it with a 33% increase.
At the time of writing, BTC was up about 13% over the past 30 days per CoinGecko, though it was down nearly 1% on the week and trading near $77,000 after briefly dipping below $75,000 following the Federal Reserve’s decision to hold interest rates steady.
How Strategy Stacks Up This Year
Strategy’s April rally is especially significant when viewed in the context of year-to-date performance. Harvey’s tracker shows MSTR up roughly 9.5% for the year, putting it ahead of large names including Nvidia and Block, as well as benchmarks like the Nasdaq, gold, and the S&P 500.
By contrast, Bitcoin itself is down about 13% year-to-date, which means Strategy has outperformed the asset held in its treasury during this period.
Other crypto-related equities have struggled in 2026. Twenty One Capital is down around 7%, Coinbase has lost 17%, and Metaplanet is off 19%. BitMine has fallen about 23%, and Ethereum (ETH) is down roughly 25% year-to-date.
Companies tied to former President Donald Trump’s family have also seen steep declines: Trump Media is down about 31% and American Bitcoin has lost roughly 32% so far this year.
Among the few notable winners, oil stands out—up about 80% year-to-date—while 10-year Treasury yields have risen around 6%.