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If Strategy bought Agnico Eagle Mines instead of Bitcoin…
$114.2B↑ vs $53.3B BTC value
Total invested
$64.1B
113 transactions
AEM value today
$114.2B
+78.3% return
BTC value today
$53.3B
-16.7% return
AEM outperformed by
+$60.9B
+95% 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
$3.5B
↑ $1.4B from reinvestment
Share of AEM's total return
3.1%
rest is price appreciation
Where AEM's $114.2B value comes from
total return = price + dividends
Price appreciation · $110.7B
Dividends · $3.5B
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 113 transactions
Transaction dateAmountBTC value nowAEM value now
Jun 15, 2026$100M$100M$96M
Jun 8, 2026$101M$98M$103M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$1.9B
May 11, 2026$43M$34M$36M
Apr 27, 2026$255M$206M$215M
Apr 20, 2026$2.5B$2.2B$2.0B
Apr 13, 2026$1.0B$877M$772M
Apr 6, 2026$330M$307M$263M
Mar 23, 2026$77M$65M$70M

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