The company is likely sitting on about $3 billion in unrealized losses on its holdings of nearly 4 million ether tokens.
The firm increased the pace of purchases from the previous week despite sitting on large unrealized losses on its ether bet.
The Bitmine chairman said a wounded market maker could be scaling back operations, tightening crypto liquidity and weighing on digital asset prices.
The crypto treasury firm now owns 2.9% of the ETH supply and holds nearly $398 million in cash for more purchases.
The company's 3.4 million of ETH tokens represents just shy of 3% of the total supply.
The digital asset treasury bubble might have burst, as chairman Thomas Lee said, but the firm added over $1.6 billion worth of ETH during the crypto correction.
The firm's ether holdings crossed 3 million tokens, halfway through its goal to corner 5% of the crypto's supply.
The firm extended its lead as the largest ether treasury, holding over 2.83 million in ETH tokens.
Led by Tom Lee, the company aims to control 5% of ether's supply, positioning itself as the largest listed ETH treasury firm.
The company already owned about $5 billion worth of the world's second-largest crypto.
BMNR is ahead 25% today, with ether up another 9% as interest continues to build in ETH corporate treasury strategies.
The company may sell up to $2 billion in stock through Cantor Fitzgerald and ThinkEquity in flexible at-the-market deals, according to a Wednesday filing.
Sharplink Gaming skyrocketed over 4,000% following its $450 million fundraising announcement, only to plunge 90% in the next few weeks.