OPEN-SOURCE SCRIPT
MSTR BTC mNAV Model (Live mNAV + Prior-Day Baseline)
MSTR BTC mNAV Model — Live mNAV + Prior-Day Baseline Implied Price
This indicator models MicroStrategy's fair value in real time by tracking its Bitcoin NAV multiple (mNAV) — the ratio of enterprise value to the dollar value of MSTR's BTC holdings.
Three plots:
Implied Price (orange) — applies yesterday's closing gross EV mNAV to the live BTC price and backs out what MSTR should be trading at if the premium holds constant intraday
Actual MSTR Price (blue) — live price for direct visual comparison
BTC NAV per Diluted Share (green) — the raw per-share Bitcoin value, fully diluted
Status bar readouts (all live):
BTC NAV per diluted share
Simple mNAV (market cap / BTC NAV)
Gross EV mNAV (market cap + debt + preferred / BTC NAV)
Net EV mNAV (gross EV minus cash / BTC NAV)
Gross and net EV premiums (mNAV − 1)
All enterprise value and market cap calculations use basic shares. Diluted shares are used only for the NAV-per-share display line. The prior-day baseline is frozen at the previous session's close and updates at each new day open — giving you a stable intraday reference without noise from the current session's multiple expansion or compression.
Inputs are fully adjustable: BTC holdings, total debt + preferreds, cash on hand, basic shares, and fully diluted shares.
Informational purposes only, not financial advice. Do your own research.
This indicator models MicroStrategy's fair value in real time by tracking its Bitcoin NAV multiple (mNAV) — the ratio of enterprise value to the dollar value of MSTR's BTC holdings.
Three plots:
Implied Price (orange) — applies yesterday's closing gross EV mNAV to the live BTC price and backs out what MSTR should be trading at if the premium holds constant intraday
Actual MSTR Price (blue) — live price for direct visual comparison
BTC NAV per Diluted Share (green) — the raw per-share Bitcoin value, fully diluted
Status bar readouts (all live):
BTC NAV per diluted share
Simple mNAV (market cap / BTC NAV)
Gross EV mNAV (market cap + debt + preferred / BTC NAV)
Net EV mNAV (gross EV minus cash / BTC NAV)
Gross and net EV premiums (mNAV − 1)
All enterprise value and market cap calculations use basic shares. Diluted shares are used only for the NAV-per-share display line. The prior-day baseline is frozen at the previous session's close and updates at each new day open — giving you a stable intraday reference without noise from the current session's multiple expansion or compression.
Inputs are fully adjustable: BTC holdings, total debt + preferreds, cash on hand, basic shares, and fully diluted shares.
Informational purposes only, not financial advice. Do your own research.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.