I’m building a tool at Pilote.fund to model real-time intrinsic value for crypto-treasury companies like MicroStrategy (MSTR) and BitMine Immersion (BMNR). These stocks now behave more like leveraged crypto balance sheets than operating companies. The model tracks live crypto NAV, dilution from capital raises, and an implied premium/discount multiple (“5% alchemy”). Early results show persistent gaps between equity value and on-chain value. Looking for feedback on better ways to price dilution and staking yield.