Norway’s Wealth Fund Reveals $81.9 Million BitMine Stock Stake

TLDR

• Norges Bank held 6,151,062 BitMine shares worth $81.87 million as of June 30, according to SEC filings.
• The stake gives Norway’s fund indirect Ethereum exposure through equity rather than direct ETH ownership.
• BitMine reported 5,805,238 ETH holdings on August 9, with 5,067,309 ETH already staked.
• The BitMine position was absent from the fund’s December 2025 filing, and the exact purchase timing remains unclear.
• Norway’s pension fund reached 22.683 trillion kroner at midyear, with 72.1% invested in global equities.

An August 12 SEC filing from Norges Bank showed the fund held 6,151,062 shares in BitMine Immersion Technologies as of June 30. The position was valued at $81,870,635 at the end of the quarter.

Norges Bank reported sole investment discretion over the shares. The fund manages Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund.

Norway’s Stake Timeline

The BitMine position did not appear in the fund’s December 31, 2025 holdings table. This confirms the shares were added sometime after year end.

The exact timing is still not clear. Norges Bank’s March 31 filing was submitted under a confidential treatment request, so its full first-quarter holdings were not made public.

Because of this, it is not possible to know whether the BitMine shares were bought in the first or second quarter. The June filing also does not show a purchase price or transaction date.

The reported $81.87 million figure reflects the quarter-end market value, not what Norges Bank actually paid. The position made up about 0.0082% of the roughly $1.003 trillion in securities listed in the fund’s June 13F report.

The fund already holds indirect Bitcoin exposure through companies such as Strategy, Coinbase, and various miners. The BitMine stake fits that same pattern rather than signaling a new Ethereum strategy.

BitMine’s Ethereum Holdings

BitMine’s balance sheet is what makes the stock sensitive to crypto prices. In an August 10 SEC release, the company reported holding 5,805,238 ETH as of August 9.

That figure equals about 4.8% of the 120.7 million ETH supply number BitMine uses. The company also held 209 BTC and $104 million in cash and marketable securities.

Of its ETH holdings, 5,067,309 tokens were staked. That is about 87% of the total, valued at $9.8 billion using a reference price of $1,928 per ETH.

Norway’s fund does not own a share of BitMine’s actual ETH. It owns equity in the company, and that value depends on BitMine’s debts, share issuance, and other business factors.

BitMine has said it is working toward holding 5% of Ethereum’s total supply, a goal it calls the “Alchemy of 5%.” Its August 10 update put the company at 96% of that target.

Norway’s pension fund ended June with total assets of 22.683 trillion kroner after a 9.4% return over the first half of 2026. Equities made up 72.1% of the portfolio.

The same disclosure showed the fund holding a $1.22 billion stake in SpaceX. Norway’s fund holds positions in roughly 7,100 companies worldwide.

The next update on the BitMine stake will come with a future filing. Until then, it is not known whether Norges Bank has kept, added to, or reduced its position since June 30.

BitMine continues to publish weekly updates on its ETH holdings and staking activity, giving the clearest ongoing picture of the company’s crypto exposure.

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