AAPLSPYMSFTNVDAGLDETHTSLAQQQXRP
If Strategy bought Vanguard Real Estate ETF instead of Bitcoin…
$74.0B↑ vs $53.3B BTC value
Total invested
$64.1B
113 transactions
VNQ value today
$74.0B
+15.6% return
BTC value today
$53.3B
-16.7% return
VNQ outperformed by
+$20.7B
+32% more return on capital
Bitcoin (actual)
VNQ (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
VNQ paid 23 dividends over this period
Cash dividends paid
$3.6B
before reinvestment
Compounded reinvested value
$4.1B
↑ $459M from reinvestment
Share of VNQ's total return
5.5%
rest is price appreciation
Where VNQ's $74.0B value comes from
total return = price + dividends
Price appreciation · $70.0B
Dividends · $4.1B
Price-only return
Reinvested dividends (compounded at ex-date avg price)
VNQ's lead over Bitcoin is largely price appreciation. $3.6B in dividends were reinvested along the way, compounding into the total.
Per-transaction breakdown
Showing 10 most recent of 113 transactions
Transaction dateAmountBTC value nowVNQ value now
Jun 15, 2026$100M$100M$97M
Jun 8, 2026$101M$98M$100M
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$206M$256M
Apr 20, 2026$2.5B$2.2B$2.5B
Apr 13, 2026$1.0B$877M$1.0B
Apr 6, 2026$330M$307M$350M
Mar 23, 2026$77M$65M$83M

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