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If Strategy bought JPMorgan Chase instead of Bitcoin…
$101.7B↑ vs $54.1B BTC value
Total invested
$63.9B
116 transactions
JPM value today
$101.7B
+59.2% return
BTC value today
$54.1B
-15.2% return
JPM outperformed by
+$47.5B
+74% 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
$3.9B
↑ $1.5B from reinvestment
Share of JPM's total return
3.9%
rest is price appreciation
Where JPM's $101.7B value comes from
total return = price + dividends
Price appreciation · $97.8B
Dividends · $3.9B
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 116 transactions
Transaction dateAmountBTC value nowJPM value now
Jul 6, 2026Sale$135M$135M$135M
Jun 30, 2026Sale$81M$81M$81M
Jun 22, 2026$35M$33M$38M
Jun 15, 2026$100M$102M$111M
Jun 8, 2026$101M$99M$116M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$2.4B
May 11, 2026$43M$34M$51M
Apr 27, 2026$255M$210M$296M
Apr 20, 2026$2.5B$2.2B$2.9B

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