What if Saylor bought NKE instead of Bitcoin?

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If Strategy bought Nike instead of Bitcoin…

$44.3B↓ vs $53.3B BTC value

Total invested

$64.1B

113 transactions

NKE value today

$44.3B

-30.8% return

BTC value today

$53.3B

-16.7% return

BTC outperformed by

+$9.0B

+14% more return on capital

Bitcoin (actual)

NKE (hypothetical, total return)

Quietly working in the background

Dividends earned along the way

NKE paid 24 dividends over this period

Cash dividends paid

$1.9B

before reinvestment

Compounded reinvested value

$1.4B

reinvested at ex-date close

Share of NKE's total return

3.1%

rest is price appreciation

Where NKE's $44.3B value comes from

total return = price + dividends

Price appreciation · $42.9B

Dividends · $1.4B

Price-only return

Reinvested dividends (compounded at ex-date avg price)

NKE paid $1.9B in dividends over this period, reinvested at each ex-date. BTC still wins this comparison, but NKE's dividend stream closed part of the gap.

Per-transaction breakdown

Showing 10 most recent of 113 transactions

Transaction date	Amount	BTC value now	NKE value now
Jun 15, 2026	$100M	$100M	$99M
Jun 8, 2026	$101M	$98M	$106M
Jun 1, 2026Sale	$2M	$2M	$2M
May 18, 2026	$2.0B	$1.6B	$2.2B
May 11, 2026	$43M	$34M	$45M
Apr 27, 2026	$255M	$206M	$259M
Apr 20, 2026	$2.5B	$2.2B	$2.5B
Apr 13, 2026	$1.0B	$877M	$1.1B
Apr 6, 2026	$330M	$307M	$342M
Mar 23, 2026	$77M	$65M	$66M

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