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If Strategy bought 20+ Year Treasury Bond (iShares ETF) instead of Bitcoin…
$65.3B↑ vs $54.1B BTC value
Total invested
$63.9B
116 transactions
TLT value today
$65.3B
+2.2% return
BTC value today
$54.1B
-15.2% return
TLT outperformed by
+$11.1B
+17% more return on capital
Bitcoin (actual)
TLT (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
TLT paid 72 dividends over this period
Cash dividends paid
$4.1B
before reinvestment
Compounded reinvested value
$3.9B
reinvested at ex-date close
Share of TLT's total return
6.0%
rest is price appreciation
Where TLT's $65.3B value comes from
total return = price + dividends
Price appreciation · $61.4B
Dividends · $3.9B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
TLT's lead over Bitcoin is largely price appreciation. $4.1B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 116 transactions
Transaction dateAmountBTC value nowTLT value now
Jul 6, 2026Sale$135M$135M$135M
Jun 30, 2026Sale$81M$81M$81M
Jun 22, 2026$35M$33M$34M
Jun 15, 2026$100M$102M$97M
Jun 8, 2026$101M$99M$99M
Jun 1, 2026Sale$2M$2M$2M
May 18, 2026$2.0B$1.6B$2.0B
May 11, 2026$43M$34M$42M
Apr 27, 2026$255M$210M$248M
Apr 20, 2026$2.5B$2.2B$2.5B

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