If Strategy bought Vanguard Real Estate ETF instead of Bitcoin…
$71.6B↑ vs $68.2B BTC value
Total invested
$63.7B
118 transactions
VNQ value today
$71.6B
+12.5% return
BTC value today
$68.2B
+7.0% return
VNQ outperformed by
+$3.5B
+5% more return on capital
Bitcoin (actual)
VNQ (hypothetical, total return)
Quietly working in the background
Dividends earned along the way
VNQ paid 24 dividends over this period
Cash dividends paid
$3.6B
before reinvestment
Compounded reinvested value
$4.0B
↑ $346M from reinvestment
Share of VNQ's total return
5.5%
rest is price appreciation
Where VNQ's $71.6B value comes from
total return = price + dividends
Price appreciation · $67.6B
Dividends · $4.0B
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 118 transactions
Transaction date
Amount
BTC value now
VNQ 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
$34M
Jun 15, 2026
$100M
$129M
$94M
Jun 8, 2026
$101M
$126M
$98M
Jun 1, 2026Sale
$2M
$2M
$2M
May 18, 2026
$2.0B
$2.0B
$2.0B
May 11, 2026
$43M
$43M
$41M
VNQ value includes reinvested dividends. Splits are silently adjusted. Saylor often makes multiple purchases per month — each is its own row. See methodology.