If Strategy bought 20+ Year Treasury Bond (iShares ETF) instead of Bitcoin…
$65.6B↑ vs $64.4B BTC value
Total invested
$63.7B
118 transactions
TLT value today
$65.6B
+3.0% return
BTC value today
$64.4B
+1.2% return
TLT outperformed by
+$1.1B
+2% more return on capital
Bitcoin (actual)
TLT (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
TLT paid 74 dividends over this period
Cash dividends paid
$4.9B
before reinvestment
Compounded reinvested value
$4.7B
reinvested at ex-date close
Share of TLT's total return
7.2%
rest is price appreciation
Where TLT's $65.6B value comes from
total return = price + dividends
Price appreciation · $60.8B
Dividends · $4.7B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
TLT's lead over Bitcoin is largely price appreciation. $4.9B 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
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
$40M
$34M
Jun 15, 2026
$100M
$122M
$97M
Jun 8, 2026
$101M
$119M
$99M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$1.9B
$2.0B
May 11, 2026
$43M
$41M
$42M
TLT value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.