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If Strategy bought IBM instead of Bitcoin…
$81.3B↑ vs $64.4B BTC value
Total invested
$63.7B
118 transactions
IBM value today
$81.3B
+27.7% return
BTC value today
$64.4B
+1.2% return
IBM outperformed by
+$16.9B
+27% more return on capital
Bitcoin (actual)
IBM (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
IBM paid 24 dividends over this period
Cash dividends paid
$3.8B
before reinvestment
Compounded reinvested value
$4.8B
↑ $1.1B from reinvestment
Share of IBM's total return
5.9%
rest is price appreciation
Where IBM's $81.3B value comes from
total return = price + dividends
Price appreciation · $76.5B
Dividends · $4.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
IBM's lead over Bitcoin is largely price appreciation. $3.8B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction dateAmountBTC value nowIBM 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$40M$36M
Jun 15, 2026$100M$122M$94M
Jun 8, 2026$101M$119M$90M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.9B$2.3B
May 11, 2026$43M$41M$48M

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