If Strategy bought S&P 500 (SPDR ETF) instead of Bitcoin…
$84.7B↑ vs $53.3B BTC value
Total invested
$64.1B
113 transactions
SPY value today
$84.7B
+32.3% return
BTC value today
$53.3B
-16.7% return
SPY outperformed by
+$31.4B
+49% more return on capital
Bitcoin (actual)
SPY (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
SPY paid 24 dividends over this period
Cash dividends paid
$1.4B
before reinvestment
Compounded reinvested value
$1.8B
↑ $393M from reinvestment
Share of SPY's total return
2.1%
rest is price appreciation
Where SPY's $84.7B value comes from
total return = price + dividends
Price appreciation · $82.9B
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 113 transactions
Transaction date
Amount
BTC value now
SPY value now
Jun 15, 2026
$100M
$100M
$99M
Jun 8, 2026
$101M
$98M
$102M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$1.6B
$2.0B
May 11, 2026
$43M
$34M
$44M
Apr 27, 2026
$255M
$206M
$267M
Apr 20, 2026
$2.5B
$2.2B
$2.7B
Apr 13, 2026
$1.0B
$877M
$1.1B
Apr 6, 2026
$330M
$307M
$376M
Mar 23, 2026
$77M
$65M
$88M
SPY value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.