If Strategy bought JPMorgan Chase instead of Bitcoin…
$99.1B↑ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
JPM value today
$99.1B
+55.7% return
BTC value today
$68.2B
+7.0% return
JPM outperformed by
+$31.0B
+49% more return on capital
Bitcoin (actual)
JPM (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
JPM paid 24 dividends over this period
Cash dividends paid
$2.5B
before reinvestment
Compounded reinvested value
$3.8B
↑ $1.4B from reinvestment
Share of JPM's total return
3.9%
rest is price appreciation
Where JPM's $99.1B value comes from
total return = price + dividends
Price appreciation · $95.3B
Dividends · $3.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
JPM's lead over Bitcoin is largely price appreciation. $2.5B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction date
Amount
BTC value now
JPM 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
$37M
Jun 15, 2026
$100M
$129M
$109M
Jun 8, 2026
$101M
$126M
$113M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$2.0B
$2.4B
May 11, 2026
$43M
$43M
$50M
JPM value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.