What if Saylor bought PYPL instead of Bitcoin?

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If Strategy bought PayPal instead of Bitcoin…

$54.0B↓ vs $64.4B BTC value

Total invested

$63.7B

118 transactions

PYPL value today

$54.0B

-15.1% return

BTC value today

$64.4B

+1.2% return

BTC outperformed by

+$10.4B

+16% more return on capital

Bitcoin (actual)

PYPL (hypothetical, total return)

Quietly working in the background

Dividends earned along the way

PYPL paid 4 dividends over this period

Cash dividends paid

$315M

before reinvestment

Compounded reinvested value

$387M

↑ $72M from reinvestment

Share of PYPL's total return

0.7%

rest is price appreciation

Where PYPL's $54.0B value comes from

total return = price + dividends

Price appreciation · $53.6B

Dividends · $387M

Price-only return

Reinvested dividends (compounded at ex-date avg price)

PYPL paid $315M in dividends over this period, reinvested at each ex-date. BTC still wins this comparison, but PYPL's dividend stream closed part of the gap.

Per-transaction breakdown

Showing 10 most recent of 118 transactions

Transaction date	Amount	BTC value now	PYPL 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	$40M	$48M
Jun 15, 2026	$100M	$122M	$138M
Jun 8, 2026	$101M	$119M	$145M
Jun 1, 2026Sale	$2M	$2M	$2M
May 18, 2026	$2.0B	$1.9B	$2.7B
May 11, 2026	$43M	$41M	$56M

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