<p>Bitmine Immersion Technologies (BMNR) 再次加速，将其以太坊储备提升至超过 386 万 ETH，约占网络的 3%，就在 Fusaka 升级之后，并且宏观信号有所改善。</p>
<p>请查看我们对 Bitmine Immersion Technologies 的最新分析。</p>
<p>这次激进的以太坊购买潮发生在经历了几个月的剧烈波动之后，过去 90 天的股价回报为 -19.6%，过去 30 天的股价回报为 -10.9%，尽管年初至今的股价回报高达 412%，而 1 年的总股东回报为 353.8%。这表明，尽管近期波动，长期动能仍然非常强劲。</p>
<p>如果 Bitmine 的波动图表让你重新考虑集中风险，这可能是一个探索高内部持股的快速增长股票作为潜在补充想法的有用时刻。</p>
<p>尽管 BMNR 目前的交易价格几乎低于共识目标的 50%，投资者面临一个关键问题：这是否代表着对以太坊的罕见错误定价的杠杆押注，还是市场已经将 Bitmine 的下一个增长阶段考虑在内？</p>
<h2>41.9 倍的市盈率：是否合理？</h2>
<p>Bitmine Immersion Technologies 在最后收盘时的市盈率为 41.9 倍，收盘价为 35.84 美元，显示出相对于同行的高估值。</p>
<p>市盈率将公司的股价与每股收益进行比较，是评估投资者为软件和加密相关公司当前盈利能力支付多少的常用方法。对于 BMNR 来说，更高的倍数表明市场正在考虑强劲的未来收益增长或在最近实现稳健盈利后持续的以太坊相关盈利能力。</p>
<p>然而，BMNR 的 41.9 倍市盈率远高于美国软件行业平均的 32 倍和更接近同行的 28.7 倍。这表明，投资者为其收益流支付了显著的溢价，相较于同一领域的替代品。除非未来的收益增长大幅超过更广泛的软件行业，否则这种溢价可能被视为过度支付，而非适度升级。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
<p><strong>结果：41.9 倍的市盈率（高估）</strong></p>
<p>然而，确实存在一些风险，包括以太坊价格回调或对数字资产国库的监管压力，这可能迅速削弱 Bitmine 的溢价。</p>
<p>了解影响 Bitmine Immersion Technologies 叙述的关键风险。</p>
<h2>构建您自己的 Bitmine Immersion Technologies 叙述</h2>
<p>如果您对数字有不同的看法，或者更愿意自己深入细节，您可以在几分钟内使用 “按您的方式” 构建自定义视图。</p>
<p>您对 Bitmine Immersion Technologies 研究的一个很好的起点是我们的分析，强调 1 个关键奖励和 2 个重要警告信号，这可能会影响您的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>在您继续之前，通过使用 Simply Wall St 筛选器锁定您的下一步行动，发现符合您自身策略和风险偏好的集中机会。</p>
<ul>
<li>通过扫描这 3593 只财务状况良好的便士股票，挖掘高潜力的增长故事，这些股票已经显示出可信的财务实力，而不是纯粹的投机。</li>
<li>通过瞄准这 27 只 AI 便士股票，抓住自动化和数据的结构性转变，这些股票有望受益于企业和消费者的加速采用。</li>
<li>通过筛选这 909 只基于现金流的被低估股票，确保更好的入场点，这些股票的当前价格仍低于长期现金流潜力。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

BMNR

<p>Bitmine Immersion Technologies (BMNR) 已将其以太坊持有量增加到超过 386 万 ETH，尽管近期股价波动较大。该公司的市盈率高达 41.9 倍，表明其估值相较于同行处于溢价状态。投资者面临的问题是，BMNR 是否是对以太坊的错误定价投资，还是市场已经考虑了其增长。风险包括以太坊价格回调和监管压力。Simply Wall St 提供分析，但不提供财务建议</p>

<p>Bitmine Immersion Technologies (BMNR) just stepped on the gas again, lifting its Ethereum stash to more than 3.86 million ETH, or over 3% of the network, right after the Fusaka upgrade and improving macro signals.</p>
<div class="lb-trans"><p>Bitmine Immersion Technologies (BMNR) 再次加速，将其以太坊储备提升至超过 386 万 ETH，约占网络的 3%，就在 Fusaka 升级之后，并且宏观信号有所改善。</p>
</div><p>See our latest analysis for Bitmine Immersion Technologies.</p>
<div class="lb-trans"><p>请查看我们对 Bitmine Immersion Technologies 的最新分析。</p>
</div><p>That aggressive ETH buying spree comes after a bruising few months, with a 90 day share price return of minus 19.6% and a 30 day share price return of minus 10.9%, even though the year to date share price return is a huge 412% and the 1 year total shareholder return sits at 353.8%. This suggests long term momentum is still very much intact despite recent volatility.</p>
<div class="lb-trans"><p>这次激进的以太坊购买潮发生在经历了几个月的剧烈波动之后，过去 90 天的股价回报为 -19.6%，过去 30 天的股价回报为 -10.9%，尽管年初至今的股价回报高达 412%，而 1 年的总股东回报为 353.8%。这表明，尽管近期波动，长期动能仍然非常强劲。</p>
</div><p>If Bitmine’s swingy chart has you rethinking concentration risk, this could be a useful moment to explore fast growing stocks with high insider ownership as potential complementary ideas.</p>
<div class="lb-trans"><p>如果 Bitmine 的波动图表让你重新考虑集中风险，这可能是一个探索高内部持股的快速增长股票作为潜在补充想法的有用时刻。</p>
</div><p>With BMNR now trading nearly 50% below consensus target despite a huge run, investors face a key question: does this represent a rare mispriced levered bet on Ethereum, or has the market already baked in Bitmine’s next leg of growth?</p>
<div class="lb-trans"><p>尽管 BMNR 目前的交易价格几乎低于共识目标的 50%，投资者面临一个关键问题：这是否代表着对以太坊的罕见错误定价的杠杆押注，还是市场已经将 Bitmine 的下一个增长阶段考虑在内？</p>
</div><h2>Price-to-Earnings of 41.9x: Is it justified?</h2>
<div class="lb-trans"><h2>41.9 倍的市盈率：是否合理？</h2>
</div><p>Bitmine Immersion Technologies trades at a steep 41.9x price to earnings multiple at the last close of $35.84, signaling a rich valuation versus peers.</p>
<div class="lb-trans"><p>Bitmine Immersion Technologies 在最后收盘时的市盈率为 41.9 倍，收盘价为 35.84 美元，显示出相对于同行的高估值。</p>
</div><p>The price to earnings ratio compares the company’s share price with its earnings per share, a common way to judge how much investors pay for current profitability in software and crypto exposed names. For BMNR, a higher multiple suggests the market is factoring in robust future earnings growth or sustained Ethereum linked profitability following its recent move into solid profitability.</p>
<div class="lb-trans"><p>市盈率将公司的股价与每股收益进行比较，是评估投资者为软件和加密相关公司当前盈利能力支付多少的常用方法。对于 BMNR 来说，更高的倍数表明市场正在考虑强劲的未来收益增长或在最近实现稳健盈利后持续的以太坊相关盈利能力。</p>
</div><p>However, BMNR’s 41.9x price to earnings stands well above both the US Software industry average of 32x and the closer peer average of 28.7x. This indicates investors are paying a significant premium for its earnings stream compared to alternatives in the same space. Unless future earnings growth outpaces the broader software group by a wide margin, this premium could be seen as overpayment rather than a modest upgrade.</p>
<div class="lb-trans"><p>然而，BMNR 的 41.9 倍市盈率远高于美国软件行业平均的 32 倍和更接近同行的 28.7 倍。这表明，投资者为其收益流支付了显著的溢价，相较于同一领域的替代品。除非未来的收益增长大幅超过更广泛的软件行业，否则这种溢价可能被视为过度支付，而非适度升级。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
</div><p><strong>Result: Price-to-Earnings of 41.9x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：41.9 倍的市盈率（高估）</strong></p>
</div><p>However, there are real risks, including an Ethereum price reversal or regulatory pressure on digital asset treasuries, that could rapidly deflate Bitmine’s premium.</p>
<div class="lb-trans"><p>然而，确实存在一些风险，包括以太坊价格回调或对数字资产国库的监管压力，这可能迅速削弱 Bitmine 的溢价。</p>
</div><p>Find out about the key risks to this Bitmine Immersion Technologies narrative.</p>
<div class="lb-trans"><p>了解影响 Bitmine Immersion Technologies 叙述的关键风险。</p>
</div><h2>Build Your Own Bitmine Immersion Technologies Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 Bitmine Immersion Technologies 叙述</h2>
</div><p>If you see the numbers differently or would rather dig into the details yourself, you can build a custom view in just minutes with Do it your way.</p>
<div class="lb-trans"><p>如果您对数字有不同的看法，或者更愿意自己深入细节，您可以在几分钟内使用 “按您的方式” 构建自定义视图。</p>
</div><p>A great starting point for your Bitmine Immersion Technologies research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Bitmine Immersion Technologies 研究的一个很好的起点是我们的分析，强调 1 个关键奖励和 2 个重要警告信号，这可能会影响您的投资决策。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Before you move on, lock in your next move by using the Simply Wall St Screener to uncover focused opportunities that fit your own strategy and risk profile.</p>
<div class="lb-trans"><p>在您继续之前，通过使用 Simply Wall St 筛选器锁定您的下一步行动，发现符合您自身策略和风险偏好的集中机会。</p>
</div><ul>
<li>Tap into high potential growth stories by scanning these 3593 penny stocks with strong financials that already show credible financial strength instead of pure speculation.</li>
<li>Ride structural shifts in automation and data by targeting these 27 AI penny stocks positioned to benefit from accelerating enterprise and consumer adoption.</li>
<li>Secure better entry points by sorting through these 909 undervalued stocks based on cash flows where today’s prices still trail long term cash flow potential.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描这 3593 只财务状况良好的便士股票，挖掘高潜力的增长故事，这些股票已经显示出可信的财务实力，而不是纯粹的投机。</li>
<li>通过瞄准这 27 只 AI 便士股票，抓住自动化和数据的结构性转变，这些股票有望受益于企业和消费者的加速采用。</li>
<li>通过筛选这 909 只基于现金流的被低估股票，确保更好的入场点，这些股票的当前价格仍低于长期现金流潜力。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

Bitmine Immersion Technologies (BMNR)：在大量积累以太坊以及 Fusaka 策略转变后的估值检查