Norway’s Wealth Fund Holds $81.9M in BitMine, Gains Indirect Ethereum Exposure

Highlights:

• Norway’s wealth fund now owns $81.9 million in BitMine shares and gets indirect Ethereum exposure.
• The fund held more than 6.15 million BitMine shares in its latest investment disclosure report.
• BitMine holds over 5.8 million ETH, so Norway’s investment is closely tied to Ethereum’s market.

Norway’s Government Pension Fund Global has disclosed an $81.9 million investment in BitMine Immersion Technologies (BMNR), giving the sovereign wealth fund indirect exposure to Ethereum. According to a Norges Bank holdings filing for the quarter ended June 30, the fund owned 6,151,062 BitMine shares valued at $81,870,635.

Norges Bank Investment Management published its first-half 2026 results and total investment holdings on August 12. The BitMine position is an investment in a publicly traded company rather than a direct purchase of Ethereum by the Norwegian fund.

Norway’s Sovereign Wealth Fund Holds $81.87M in BitMine Shares, Gaining Indirect ETH Exposure

Norway’s Government Pension Fund Global disclosed holdings of approximately 6.15 million shares in BitMine Immersion Technologies, valued at about $81.87 million as of June 30, giving… pic.twitter.com/yqsOloQyDP

— Wu Blockchain (@WuBlockchain) August 14, 2026

Norway Wealth Fund Adds BitMine to Its Equity Portfolio

The BitMine investment is a new addition to the fund’s disclosed holdings. BitMine did not appear in Norges Bank’s December 31 holdings report but was included in the June 30 filing. However, the filings do not show exactly when the shares were purchased or how much the fund originally paid for them.

The investment comes through the fund’s large global equity portfolio. At the end of June, the Government Pension Fund Global was worth 22.683 trillion Norwegian kroner, according to Norges Bank Investment Management. Equities represented 72.1% of the fund’s total value, while fixed-income investments accounted for 25.8%.

The structure of the investment is also worth looking at. Norway’s fund does not hold ETH directly through this position. Instead, it owns shares in BitMine, which has built a large Ethereum treasury. As a result, the fund gets exposure to Ethereum through the company rather than through direct ownership of the cryptocurrency.

BitMine’s growing Ethereum holdings make BMNR shares one way for traditional investors to gain exposure to the crypto market without holding ETH themselves. Still, BMNR can move for reasons beyond Ethereum. The company’s operations, financing decisions, investor demand and wider stock market conditions can also affect its share price.

BitMine Holds More Than 5.8 Million ETH

BitMine has built one of the largest corporate Ethereum treasuries. In an August 10 announcement filed with the U.S. Securities and Exchange Commission (SEC), the company reported holding 5,805,238 ETH as of August 9. BitMine said its crypto assets, cash, marketable securities and other investments had a combined value of $11.6 billion.

Of its Ethereum holdings, 5,067,309 ETH was staked, according to the company. Staking involves locking ETH to help support the Ethereum network while earning rewards in return. BitMine valued its staked ETH at around $9.8 billion using an ETH price of $1,928 at the time of its announcement.

BitMine also joined the Russell 1000 Index on June 26. The index includes large publicly traded U.S. companies. However, available disclosures do not establish whether BitMine’s addition to the index influenced Norges Bank’s decision to hold the shares.

The Norwegian fund’s BitMine position adds another example of traditional institutional capital gaining exposure to digital assets through publicly listed companies. In this case, the fund owns BMNR stock while BitMine itself holds a large Ethereum treasury.