---
title: "小白也能看懂——BMNR 估值模型应用"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/37871030.md"
description: "作为持有 ETH 头寸最大的 Dats 公司，$BitMine Immersion Tech(BMNR.US) 一直是市场关注的焦点。过去很长一段时间，市场普遍将其视为 ETH 的高贝塔资产，但其溢价率的波动逻辑一直缺乏量化支撑。为了解决 “BMNR 到底值多少钱” 这个问题，我花了两周半的时间，清洗了其历史交易数据，并基于 ETH 的价格构建了一套 “三态估值模型”..."
datetime: "2026-01-16T07:50:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/37871030.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/37871030.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/37871030.md)
author: "[他说还能再加补一股](https://longbridge.com/en/profiles/21995547.md)"
---

# 小白也能看懂——BMNR 估值模型应用

As a shadow stock of Ethereum (ETH), BitMine Immersion Technologies (BMNR) has always been the focus of market attention. For a long time, the market generally regarded it as a high-beta asset of ETH, but the fluctuation logic of its premium rate has always lacked quantitative support.

### Related Stocks

- [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md)
- [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md)

## Comments (28)

- **Avalon_Yoiwd3 · 2026-01-17T09:40:26.000Z**: Where is the stock data pulled from?
  - **他说还能再加补一股** (2026-01-17T10:43:27.000Z): Longbridge's open sdk
- **相信概率 · 2026-01-16T23:16:23.000Z**: The trend is not as good as MSTR
- **AIUser · 2026-01-16T15:13:29.000Z**: There are quite a few stocks that have gained 100% now, this return rate is quite average.
  - **爱吃菠萝包的猫** (2026-01-17T07:02:08.000Z): Awesome
- **pocoyo · 2026-01-16T12:14:15.000Z**: Great! More shares like this, let AI handle it later.
- **龙行者 · 2026-01-16T10:52:52.000Z**: Thanks, first like, then read carefully
- **zcs_yayaya · 2026-01-16T09:10:07.000Z · 👍 2**: 引入 mnav
  - **kelvinaaa** (2026-01-16T09:56:00.000Z): That's about 40 runs, can you calculate a few more values? Thanks🙏
- **Ben Peng · 2026-01-16T09:05:35.000Z**: I don't remember how to look up the logarithmic tables I learned decades ago
- **RH哥哥 · 2026-01-16T09:03:34.000Z**: So, is brother going to trade using power law fitting?
  - **他说还能再加补一股** (2026-01-16T09:15:07.000Z): It's just explaining its connection with ETH from another perspective. The data volume is too small and can be used for auxiliary judgment of the margin.
- **zcs_yayaya · 2026-01-16T08:58:53.000Z**: Did some calculations.
- **岸皙 · 2026-01-16T08:52:30.000Z**: Liberal arts students can't understand it
- **lyhalfway · 2026-01-16T08:46:14.000Z · 👍 2**: Great! Tom Lee's formula of 0.015*ETH + ETH/share is not easy to track in practice, because ETH/share is also dynamically changing, reflecting mNAV.I'll also add a chart. This is the mNAV trend chart I've been updating recently. I checked it, and if you trade based on the highs and lows of the mNAV 
  - **他说还能再加补一股** (2026-01-16T08:54:40.000Z): I was also inspired by the charts you previously shared to try curve fitting👍🏻
  - **lyhalfway** (2026-01-16T09:13:48.000Z): Actually, I think compared to other industries, the price trend of DAT company is easier to predict with mathematical models, although there are quite a few variables, but they are easy to identify.
  - **他说还能再加补一股** (2026-01-16T09:18:08.000Z): Yes, BTC has a power-law relationship with time due to its special nature. As the amount of ETH purchased increases, its power-law relationship will gradually become clear.
- **曙光在明天 · 2026-01-16T08:23:17.000Z · 👍 1**: Very valuable, thank you for sharing.
- **韩立的交易员 · 2026-01-16T08:13:33.000Z**: Without learning technology, -50%; with learning technology, 1%
  - **他说还能再加补一股** (2026-01-16T08:20:49.000Z): Hahaha, don't over-rely on technical analysis, maintain your own judgment
- **Avalon_Yoiwd3 · 2026-01-16T08:10:27.000Z · 👍 1**: Good article
- **kelvinaaa · 2026-01-16T07:58:47.000Z**: How to use this power law model
  - **他说还能再加补一股** (2026-01-16T08:04:02.000Z): Directly apply the price of eth
  - **kelvinaaa** (2026-01-16T08:51:20.000Z): Okay