If Strategy bought S&P 500 (SPDR ETF) instead of Bitcoin…
$85.1B↑ vs $64.4B BTC value
Total invested
$63.7B
118 transactions
SPY value today
$85.1B
+33.7% return
BTC value today
$64.4B
+1.2% return
SPY outperformed by
+$20.7B
+33% more return on capital
Bitcoin (actual)
SPY (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
SPY paid 25 dividends over this period
Cash dividends paid
$1.4B
before reinvestment
Compounded reinvested value
$1.8B
↑ $405M from reinvestment
Share of SPY's total return
2.1%
rest is price appreciation
Where SPY's $85.1B value comes from
total return = price + dividends
Price appreciation · $83.3B
Dividends · $1.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
SPY's lead over Bitcoin is largely price appreciation. $1.4B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction date
Amount
BTC value now
SPY 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
$35M
Jun 15, 2026
$100M
$122M
$100M
Jun 8, 2026
$101M
$119M
$103M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$1.9B
$2.1B
May 11, 2026
$43M
$41M
$44M
SPY value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.