With sparse and event-driven computation, spiking neural networks show great potential for achieving accurate and power-efficient UAV visual tracking. However, existing SNN-based trackers typically use spike firing rates only for power consumption and lack explicit optimization of actual spike activity. Moreover, regulating spike activity alone does not explicitly encourage stable target representations under partial observations and temporal appearance changes. We propose SBMVTrack, a fully spiking tracking framework that combines spike activity regulation with complementary multi-view representation learning. Specifically, SBMVTrack introduces Energy-Weighted Spike Budgeting (EWSB), which incorporates layer-wise computational costs when regulating spike firing rates and penalizing saturated activations, thereby reducing redundant spike computation. To further improve target representations under the spike budget constraint, we introduce Masked Multi-View Target Modeling (MVTM), which treats the initial template, online template, and search region as temporal views of the same target. By aligning target embeddings between masked and corresponding unmasked views and enforcing cross-view identity consistency, MVTM encourages robustness to missing local cues and temporal appearance changes. Experiments on four UAV benchmarks demonstrate competitive tracking performance with a 24.1% reduction in estimated power consumption relative to the baseline. On VisDrone2018, SBMVTrack achieves a success rate of 70.0%, exceeding SpikeTrack by 9.7 percentage points while reducing estimated power consumption by 45.7%. The source code will be released upon acceptance.

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