Norway's Government Pension Fund Global holds $81.87M in BitMine shares, gaining indirect ETH exposure through the mining company's ~5.8M ETH holdings.
Macro & Markets ·
Norway's Government Pension Fund Global revealed a stake of roughly 6.15 million shares in BitMine Immersion Technologies, equivalent to approximately $81.87 million as of June 30, according to recent disclosures. This investment grants the sovereign wealth fund exposure to Ethereum indirectly through a publicly listed mining entity, rather than purchasing ETH outright.
The fund's position in BitMine does not appear in its most recent year-end 2025 report. The filing provided no detail on the acquisition timing or entry price for the shares. BitMine itself maintains substantial cryptocurrency holdings: as of August 9, the company held roughly 5.805 million ETH, with approximately 5.067 million of that amount currently staked.
Several questions remain unresolved about this holding. The timeline and rationale for the fund's entry into BitMine shares is unclear, as is whether this represents a tactical allocation toward digital assets or part of a broader portfolio strategy. The potential for changes in either BitMine's holdings or the fund's stake position going forward is also undetermined.