Your Position
Defaults to 50% of current price
Strategy published EV mNAV
Tax Rates
Applied to MSTR capital gain
Applied to BTC gain/loss

MSTR gains may qualify for long-term rates. BTC/IBIT held short-term is typically taxed at ordinary income rates. Enter rates that apply to your situation.

Re-entry Assumptions

Drag sliders to model the return trip

Intended re-entry mNAV i 1.20×
Expected BTC price at re-entry i $75,000
Expected BTC yield per share / year % i 10.0%
Expected duration i 12 weeks (2.8 months)
P&L Map

Green = more shares after round trip. Red = fewer. Curve shifts with every input. i

Re-entry assumption Current (live) Break-even line
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₿
📎 Shared scenario loaded — prices may have moved since this was saved
Your Potential Arb Outcome
MSTR shares after round trip
—
—
—
Outbound Leg
Gross proceeds from MSTR sale —
MSTR capital gain (basis $—/sh) —
Tax on MSTR gain (—%) —
Net cash deployed into BTC —
BTC purchased at $— —
Return Leg
BTC value at re-entry ($—) —
BTC gain / loss —
BTC tax owed / benefit (—%) —
Net cash available for MSTR —
Pricing Model
BTC per MSTR share at sale i —
BTC yield over — weeks (+—%) —
Adjusted BTC per MSTR share —
Implied MSTR price at re-entry —
Result
Net cash / implied price† —
Started with —
NET RESULT —

The simplest way to execute this arb is via a BTC ETF proxy — trades through the same broker as your MSTR shares, and typically carries lower commissions than spot BTC. Examples by region (illustrative only — research what is available and suitable in your jurisdiction): e.g. IBIT or FBTC (US), BTCE or CBTC (Europe), BTCC or FBTC (Canada), VBTC or EBTC (Australia).

1
Sell your MSTR shares when mNAV is elevated. Set aside your estimated tax on the gain before deploying the remainder.
2
Buy a BTC ETF proxy with the after-tax proceeds — same broker, instant settlement.
3
Monitor mNAV. When it reverts to your target, sell the ETF and buy MSTR back.
4
If the arb worked, you now hold more MSTR shares than you started with, even after accounting for all the taxes paid.

Not financial advice. Tax treatment varies by jurisdiction — consult your tax advisor before executing.

Historical EV mNAV