AAPLSPYMSFTNVDAGLDETHTSLAQQQXRP
If Strategy bought Pepsi Co instead of Bitcoin…
$59.6B↓ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
PEP value today
$59.6B
-6.4% return
BTC value today
$68.2B
+7.0% return
BTC outperformed by
+$8.6B
+13% more return on capital
Bitcoin (actual)
PEP (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
PEP paid 25 dividends over this period
Cash dividends paid
$3.2B
before reinvestment
Compounded reinvested value
$2.8B
reinvested at ex-date close
Share of PEP's total return
4.7%
rest is price appreciation
Where PEP's $59.6B value comes from
total return = price + dividends
Price appreciation · $56.8B
Dividends · $2.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
PEP paid $3.2B in dividends over this period, reinvested at each ex-date. BTC still wins this comparison, but PEP's dividend stream closed part of the gap.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction dateAmountBTC value nowPEP 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$90M
Jun 8, 2026$101M$126M$93M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$2.0B$1.8B
May 11, 2026$43M$43M$37M

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