AAPLSPYMSFTNVDAGLDETHTSLAQQQXRP
If Strategy bought IBM instead of Bitcoin…
$73.8B↑ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
IBM value today
$73.8B
+15.9% return
BTC value today
$68.2B
+7.0% return
IBM outperformed by
+$5.7B
+9% 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
$4.4B
↑ $612M from reinvestment
Share of IBM's total return
5.9%
rest is price appreciation
Where IBM's $73.8B value comes from
total return = price + dividends
Price appreciation · $69.4B
Dividends · $4.4B
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$42M$32M
Jun 15, 2026$100M$129M$86M
Jun 8, 2026$101M$126M$81M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$2.0B$2.1B
May 11, 2026$43M$43M$44M

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