If Strategy bought 20+ Year Treasury Bond (iShares ETF) instead of Bitcoin…
$63.8B↓ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
TLT value today
$63.8B
+0.3% return
BTC value today
$68.2B
+7.0% return
BTC outperformed by
+$4.3B
+7% more return on capital
Bitcoin (actual)
TLT (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
TLT paid 73 dividends over this period
Cash dividends paid
$4.1B
before reinvestment
Compounded reinvested value
$3.8B
reinvested at ex-date close
Share of TLT's total return
6.0%
rest is price appreciation
Where TLT's $63.8B value comes from
total return = price + dividends
Price appreciation · $60.0B
Dividends · $3.8B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
TLT paid $4.1B in dividends over this period, reinvested at each ex-date. BTC still wins this comparison, but TLT's dividend stream closed part of the gap.
Per-transaction breakdown
Showing 10 most recent of 118 transactions
Transaction date
Amount
BTC value now
TLT 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
$42M
$33M
Jun 15, 2026
$100M
$129M
$95M
Jun 8, 2026
$101M
$126M
$97M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$2.0B
$2.0B
May 11, 2026
$43M
$43M
$41M
TLT value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.