Norway’s Government Pension Fund Global disclosed a $81.87 million position in BitMine Immersion Technologies, giving the world’s largest sovereign wealth fund indirect exposure to Ethereum through a U.S.-listed corporate treasury company rather than through a direct ETH purchase.
Summary
- Norges Bank held 6,151,062 BitMine shares worth $81.87 million at June 30, SEC filings show.
- The position gives Norway indirect Ethereum exposure through equity, not direct ownership of ETH itself.
- BitMine reported 5,805,238 ETH holdings on August 9, with 5,067,309 ETH already staked through validators.
- BitMine was absent from Norges Bank’s December 2025 filing, while acquisition timing remains publicly undisclosed.
- Norway’s fund reached 22.683 trillion kroner at midyear, with 72.1% invested in global equities overall.
An Aug. 12 SEC filing from Norges Bank showed that the fund held 6,151,062 BitMine shares as of June 30. The position was valued at $81,870,635 at quarter end. Norges Bank reported sole investment discretion over the shares.
Norway wealth fund’s BitMine stake appeared by June
The BitMine position was not present in Norges Bank’s Dec. 31, 2025 13F holdings table, confirming that it was added after year end. However, the exact timing remains unclear. Norges Bank’s March 31 filing was submitted under a confidential treatment request, meaning its full first-quarter holdings were not publicly visible. The available filings therefore cannot establish whether the BitMine shares were acquired during the first or second quarter.
The June filing also provides no purchase price or transaction dates. Its reported $81.87 million figure represents the quarter-end market value, not necessarily the amount Norges Bank paid. The position accounted for roughly 0.0082% of the approximately $1.003 trillion in securities disclosed in the fund’s June U.S. 13F report, making it a small allocation within the broader portfolio.
The holding is consistent with the fund’s broad equity mandate rather than evidence that Norway has directly adopted Ethereum as a reserve asset. As previously reported, the fund has already built indirect Bitcoin exposure through companies including Strategy, Coinbase and miners. Its investment strategy spans thousands of listed companies globally.
BitMine turns the equity position into indirect ETH exposure
BitMine’s balance sheet makes the stake crypto-sensitive. In an Aug. 10 SEC release, the company reported holding 5,805,238 ETH as of Aug. 9, representing about 4.8% of the 120.7 million ETH supply figure used by BitMine. It also held 209 BTC, $104 million in cash and marketable securities, and other investments.
Of BitMine’s ETH, 5,067,309 tokens were staked, or about 87% of its Ethereum holdings. The company valued the staked position at $9.8 billion using an ETH reference price of $1,928. As crypto.news reported, BitMine added another 7,391 ETH while expanding its staked position above five million tokens.
This does not mean Norges Bank owns a proportionate pool of BitMine’s ETH. The fund owns BMNR equity, whose value also depends on the company’s liabilities, financing, share issuance, staking operations and other investments. BitMine itself warns that its financial results and stock price face risks from ETH volatility and concentration in digital assets.
BitMine has also said it is pursuing its “Alchemy of 5%” target of eventually holding 5% of Ethereum’s supply. That remains a company goal rather than a guaranteed outcome. Its Aug. 10 disclosure put the company at what it described as 96% of the way toward that target.
The wider Norway portfolio puts $81.9M in perspective
Norges Bank Investment Management published its complete half-year holdings alongside the filing on Aug. 12. The Government Pension Fund Global ended June with assets of 22.683 trillion Norwegian kroner after generating a 9.4% return during the first six months of 2026. Equities represented 72.1% of the portfolio.
In related coverage, the same disclosure showed Norway’s fund holding a $1.22 billion position in SpaceX. The fund holds stakes in roughly 7,100 companies and owns about 1.5% of listed companies globally on average, making individual corporate positions part of a much larger diversified portfolio.
The next firm update on the BitMine stake should come with a later holdings disclosure. Until then, the June report cannot show whether Norges Bank has retained, increased or reduced its 6.15 million shares since quarter end. BitMine, meanwhile, continues to publish weekly updates on its ETH holdings and staking activity.
