Norway's Government Pension Fund Global disclosed a $81.87 million position in BitMine Immersion Technologies through 6,151,062 shares as of June 30, 2026. According to an August 12 SEC filing from Norges Bank, the position represents the world's largest sovereign wealth fund's indirect exposure to Ethereum through a U.S.-listed corporate treasury company rather than direct ETH ownership. The fund reported sole investment discretion over the shares, with the holding accounting for approximately 0.0082% of the fund's total securities disclosed in its June U.S. 13F report. The position was not present in Norges Bank's December 31, 2025 13F holdings table, confirming it was added after year-end, though exact acquisition timing remains unclear due to the fund's March 31 filing being submitted under confidential treatment request.
As reported by crypto.news, BitMine holds 5,805,238 ETH as of August 9, representing about 4.8% of the 120.7 million ETH supply figure used by the company. Of these holdings, 5,067,309 tokens were staked, accounting for approximately 87% of the company's Ethereum holdings. The company valued its staked position at $9.8 billion using an ETH reference price of $1,928. The latest development shows BitMine purchased another 9,926 ETH last week, bringing total holdings to 5.815 million tokens worth approximately $11 billion at current prices. The company also bought an additional 1.7 million shares of its own stock last week, now owning 20.8 million shares under a previously authorized $4 billion buyback program. Additionally, BitMine holds 209 BTC, $104 million in cash and marketable securities, and other investments, making the company's balance sheet crypto-sensitive.
The BitMine position was not present in Norges Bank's December 31, 2025 13F holdings table, confirming it was added after year-end. However, the exact acquisition timing remains unclear due to the fund's March 31 filing being submitted under confidential treatment request. The $81.87 million figure represents quarter-end market value rather than the actual purchase price, with the position representing a small allocation within the fund's broader portfolio. Norway's fund holds stakes in roughly 7,100 companies and owns about 1.5% of listed companies globally on average. The fund ended June with 22.683 trillion Norwegian kroner after generating a 9.4% return during the first six months of 2026, with equities representing 72.1% of the portfolio.
According to the disclosure, Norway's fund holds stakes in roughly 7,100 companies and owns about 1.5% of listed companies globally on average. The fund has previously built indirect Bitcoin exposure through companies including Strategy, Coinbase and miners. BitMine continues pursuing its "Alchemy of 5%" target of eventually holding 5% of Ethereum's supply, with the company describing itself as 96% of the way toward that goal as of its August 10 disclosure. The holding is consistent with the fund's broad equity mandate rather than evidence that Norway has directly adopted Ethereum as a reserve asset. BitMine itself warns that its financial results and stock price face risks from ETH volatility and concentration in digital assets, with the company adding another 7,391 ETH while expanding its staked position above five million tokens. BitMine Chairman Tom Lee expects the ETH/BTC ratio to continue breaking above its years-long downward trend, citing growing demand from tokenization and AI-agent applications.
