**[Analysis: Challenges Remain for Ethereum Reserve Companies to Generate Excess Returns]** According to BIT analysis, the near-complete correlation between BitMine and Ethereum highlights a broader issue faced by digital asset reserve companies: these companies may still find it difficult to generate meaningful excess returns (alpha). In the short term, a staking yield of 2%–3% is insufficient to create a significant differentiation advantage. Therefore, for such stocks to achieve noticeable outperformance, a substantial shift in market sentiment may still be required. The NAV multiple of these companies is somewhat similar to the price-to-earnings ratio (P/E) and tends to expand or contract with changes in investor sentiment. The NAV multiple of crypto asset reserve companies may fluctuate between 0.5x and 3.0x. As a result, prudent investors often buy when the relative NAV shows a discount and sell when the premium becomes too high.