--- 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)" generator: "portal-rs" --- # 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 --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**