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If Strategy bought Agnico Eagle Mines instead of Bitcoin…
$103.1B↑ vs $54.1B BTC value
Total invested
$63.9B
116 transactions
AEM value today
$103.1B
+61.4% return
BTC value today
$54.1B
-15.2% return
AEM outperformed by
+$48.9B
+77% more return on capital
Bitcoin (actual)
AEM (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
AEM paid 24 dividends over this period
Cash dividends paid
$2.1B
before reinvestment
Compounded reinvested value
$3.2B
↑ $1.1B from reinvestment
Share of AEM's total return
3.1%
rest is price appreciation
Where AEM's $103.1B value comes from
total return = price + dividends
Price appreciation · $99.9B
Dividends · $3.2B
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 116 transactions
Transaction dateAmountBTC value nowAEM value now
Jul 6, 2026Sale$135M$135M$135M
Jun 30, 2026Sale$81M$81M$81M
Jun 22, 2026$35M$33M$32M
Jun 15, 2026$100M$102M$87M
Jun 8, 2026$101M$99M$93M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$1.7B
May 11, 2026$43M$34M$33M
Apr 27, 2026$255M$210M$194M
Apr 20, 2026$2.5B$2.2B$1.8B

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