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If Strategy bought 20+ Year Treasury Bond (iShares ETF) instead of Bitcoin…
$67.8B↑ vs $53.3B BTC value
Total invested
$64.1B
113 transactions
TLT value today
$67.8B
+5.8% return
BTC value today
$53.3B
-16.7% return
TLT outperformed by
+$14.5B
+23% more return on capital
Bitcoin (actual)
TLT (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
TLT paid 70 dividends over this period
Cash dividends paid
$3.8B
before reinvestment
Compounded reinvested value
$3.8B
↑ $25M from reinvestment
Share of TLT's total return
5.6%
rest is price appreciation
Where TLT's $67.8B value comes from
total return = price + dividends
Price appreciation · $64.0B
Dividends · $3.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
TLT's lead over Bitcoin is largely price appreciation. $3.8B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 113 transactions
Transaction dateAmountBTC value nowTLT value now
Jun 15, 2026$100M$100M$101M
Jun 8, 2026$101M$98M$103M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$2.1B
May 11, 2026$43M$34M$44M
Apr 27, 2026$255M$206M$258M
Apr 20, 2026$2.5B$2.2B$2.6B
Apr 13, 2026$1.0B$877M$1.0B
Apr 6, 2026$330M$307M$333M
Mar 23, 2026$77M$65M$78M

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