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If Strategy bought Agnico Eagle Mines instead of Bitcoin…
$136.4B↑ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
AEM value today
$136.4B
+114.3% return
BTC value today
$68.2B
+7.0% return
AEM outperformed by
+$68.3B
+107% more return on capital
Bitcoin (actual)
AEM (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
AEM paid 25 dividends over this period
Cash dividends paid
$2.1B
before reinvestment
Compounded reinvested value
$4.2B
↑ $2.1B from reinvestment
Share of AEM's total return
3.1%
rest is price appreciation
Where AEM's $136.4B value comes from
total return = price + dividends
Price appreciation · $132.2B
Dividends · $4.2B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
AEM's lead over Bitcoin is largely price appreciation. $2.1B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction dateAmountBTC value nowAEM value now
Aug 10, 2026Sale$109M$109M$109M
Aug 3, 2026Sale$105M$105M$105M
Jul 6, 2026Sale$135M$135M$135M
Jun 30, 2026Sale$81M$81M$81M
Jun 22, 2026$35M$42M$42M
Jun 15, 2026$100M$129M$115M
Jun 8, 2026$101M$126M$123M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$2.0B$2.2B
May 11, 2026$43M$43M$44M

AEM value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.