AAPLSPYMSFTNVDAGLDETHTSLAQQQXRP
If Strategy bought S&P 500 (SPDR ETF) instead of Bitcoin…
$87.3B↑ vs $54.1B BTC value
Total invested
$63.9B
116 transactions
SPY value today
$87.3B
+36.7% return
BTC value today
$54.1B
-15.2% return
SPY outperformed by
+$33.2B
+52% 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
$1.9B
↑ $452M from reinvestment
Share of SPY's total return
2.1%
rest is price appreciation
Where SPY's $87.3B value comes from
total return = price + dividends
Price appreciation · $85.5B
Dividends · $1.9B
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 116 transactions
Transaction dateAmountBTC value nowSPY value now
Jul 6, 2026Sale$135M$135M$135M
Jun 30, 2026Sale$81M$81M$81M
Jun 22, 2026$35M$33M$36M
Jun 15, 2026$100M$102M$103M
Jun 8, 2026$101M$99M$105M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$2.1B
May 11, 2026$43M$34M$45M
Apr 27, 2026$255M$210M$276M
Apr 20, 2026$2.5B$2.2B$2.8B

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