Strategy (MSTR) shares have declined roughly 41% in June and are set to close the month with a similar loss, marking their worst monthly performance since 2022 with only one trading session left.

The stock is also headed for its 11th negative month out of the last 12. It slid to nearly $80 on Friday before recovering more than 12% on Monday after the company introduced a new capital management framework.

MSTR previously peaked at an all-time high of $540 in November 2024, before entering a steady downtrend that began the following July, around the time it launched its perpetual preferred security, STRC.

STRC, which ranks above common equity in the capital structure, was intended to provide a lower-volatility alternative to holding MSTR. However, ongoing issuance of common shares to support STRC dividend obligations has intensified dilution concerns and weighed on the stock.

Since STRC’s debut, Bitcoin has fallen nearly 50%, while MSTR has dropped about 77%.

Meanwhile, Bitcoin is on track to post its third straight negative quarter and is down roughly 20% in June.