Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management, has revealed a substantial equity position in BitMine Immersion Technologies. The holding provides the world’s largest sovereign wealth fund with indirect exposure to Ethereum through the company’s large digital asset treasury rather than through any direct purchase of the cryptocurrency.

Details of the Disclosed Position

An August 12 filing with the U.S. Securities and Exchange Commission showed that Norges Bank held 6,151,062 shares of BitMine 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 stake did not appear in the fund’s December 31, 2025 holdings report. A March 31 filing had been submitted under a confidential treatment request, leaving the exact acquisition period unclear. Available documents do not disclose the purchase price or transaction dates. The reported value represents the market price at quarter-end rather than the amount paid.

Within the fund’s broader U.S. equity disclosures, which totaled approximately $1.003 trillion, the BitMine position accounted for roughly 0.0082 percent. This places it as a modest allocation inside a highly diversified portfolio.

BitMine’s Ethereum Treasury Creates the Link

BitMine Immersion Technologies functions as a corporate treasury and blockchain infrastructure firm with a heavy concentration in Ethereum. In an August 10 disclosure, the company reported holding 5,805,238 ETH as of August 9. That amount represented about 4.8 percent of the 120.7 million ETH supply figure used by the firm.

Of those holdings, 5,067,309 ETH, or roughly 87 percent, had been staked through validators. The company valued the staked portion at $9.8 billion based on an ETH reference price of $1,928. BitMine also reported 209 BTC, $104 million in cash and marketable securities, and additional investments. Combined crypto, cash, and other assets totaled approximately $11.6 billion.

The firm has publicly pursued a target of eventually controlling 5 percent of Ethereum’s supply. Its August disclosure indicated it had reached about 96 percent of that goal. Ownership of BitMine shares does not confer direct ownership of any portion of the company’s ETH. Equity value depends on multiple factors including liabilities, share issuance, staking operations, and overall market conditions. BitMine has noted that its results and share price remain exposed to ETH price volatility and concentration risk in digital assets.

Context Within Norway’s Broader Investment Approach

The BitMine position aligns with the fund’s long-standing strategy of investing across thousands of listed companies worldwide. Equities form the majority of its portfolio. The fund has previously built indirect exposure to Bitcoin through holdings in companies such as Strategy, Coinbase, and various miners. Individual corporate stakes of this size form part of a much larger diversified base that includes roughly 7,100 companies and an average ownership of about 1.5 percent of listed firms globally.

The same mid-year disclosure that revealed the BitMine stake also showed a $1.22 billion position in SpaceX. The next scheduled update on the BitMine holding will come with a subsequent 13F filing. Until then, it remains unknown whether Norges Bank has maintained, increased, or reduced the 6.15 million shares since the end of June. BitMine continues to issue regular updates on its ETH accumulation and staking activity.

The investment underscores how large traditional institutional capital can gain crypto-related exposure through equity markets without purchasing digital assets directly. BitMine’s model centers on both accumulation and yield generation via staking, distinguishing it from purely passive treasury approaches.