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If Strategy bought JPMorgan Chase instead of Bitcoin…
$92.2B↑ vs $53.3B BTC value
Total invested
$64.1B
113 transactions
JPM value today
$92.2B
+44.0% return
BTC value today
$53.3B
-16.7% return
JPM outperformed by
+$38.9B
+61% more return on capital
Bitcoin (actual)
JPM (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
JPM paid 23 dividends over this period
Cash dividends paid
$2.5B
before reinvestment
Compounded reinvested value
$3.6B
↑ $1.1B from reinvestment
Share of JPM's total return
3.9%
rest is price appreciation
Where JPM's $92.2B value comes from
total return = price + dividends
Price appreciation · $88.7B
Dividends · $3.6B
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 113 transactions
Transaction dateAmountBTC value nowJPM value now
Jun 15, 2026$100M$100M$100M
Jun 8, 2026$101M$98M$105M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$2.2B
May 11, 2026$43M$34M$46M
Apr 27, 2026$255M$206M$268M
Apr 20, 2026$2.5B$2.2B$2.6B
Apr 13, 2026$1.0B$877M$1.1B
Apr 6, 2026$330M$307M$364M
Mar 23, 2026$77M$65M$86M

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