Methodology
The calculations are straightforward, but the assumptions matter. Here's exactly how every number on this site is produced.
Transaction data
Where do transactions come from?
Every disclosed BTC transaction — purchase or sale — is sourced from Strategy's SEC filings (8-K filings and press releases). We use the date the transaction was publicly disclosed.
What price is used?
The average price (high + low ÷ 2) on the disclosure date, falling back to closing price if intraday data is unavailable. If markets were closed (weekend/holiday), we use the most recent prior trading day's average price.
Are partial shares counted?
Yes. Fractional shares are calculated so the dollar amount matches exactly — no rounding errors.
Multiple transactions in the same month?
Counted separately. Strategy often executes weekly — each disclosure is its own row in the data, priced at the close on the day it was announced. We don't aggregate them.
Comparison calculation
Are dividends included?
Yes. For dividend-paying assets, each cash dividend is reinvested on its ex-date at that day's closing price, adding to the share count. The comparison reflects total return, not price return alone.
Why is there a separate “Dividends earned” section?
For dividend-paying assets, we surface the split between price appreciation and reinvested dividends so the comparison is fully legible. The section is hidden when dividends contribute less than 1% of total return (e.g., NVDA, TSLA, crypto).
Are stock splits adjusted?
Yes — silently. Share counts and prices throughout the site are post-split, using split-adjusted closing prices. Splits aren't shown in the UI because they don't change a portfolio's value, only the share count, and surfacing them would add noise without analytical value.
How are sales handled?
Sales are netted into cost basis. When Strategy sells BTC, the proceeds reduce the cumulative dollars invested, and the alt-asset side reduces by the same amount at the same closing price. Cost basis can therefore step down on sale dates, not only up. The “what if” math always reflects the current net position, not just gross purchases.
What about fees?
Neither side accounts for transaction fees or custody costs. Both portfolios are modeled as frictionless for a fair comparison.
Price sources
Bitcoin
Current price in USD, refreshed twice daily on weekdays — at midday and market close.
Stocks / ETFs
Adjusted close from public market data. Updated twice daily — midday and at market close on US trading days.
Dividend records
Ex-dates and per-share amounts from public market data. Reinvestment is computed at the ex-date average price (high + low ÷ 2).
This is a hypothetical exercise. Strategy could not have deployed this capital into any single stock or commodity without moving the market against itself — purchases of that size, executed over several years, would visibly absorb available supply and push the price higher with each subsequent buy. These numbers assume zero price impact, which would not be true in reality. The comparison also assumes alternative-asset positions could be partially sold on the same dates as the BTC sales, which carries the same price-impact caveat. The comparison is honest about what it is: a thought experiment, not a counterfactual trade.