Norway’s sovereign wealth fund has disclosed an $81.9 million investment in BitMine Immersion Technologies, giving one of the world’s largest institutional investors indirect exposure to Ethereum.
Norges Bank reported holding 6,151,062 shares of BitMine, valued at $81.87 million as of June 30. The position emerged from the fund’s latest holdings disclosure and represents an equity investment rather than a direct purchase of Ethereum.
BitMine’s Growing Ethereum Bet
BitMine has rapidly expanded its Ethereum treasury strategy in 2026. The company reported holding 5.8 million ETH in August, representing about 4.8% of Ethereum’s total supply. It has also placed more than 5 million ETH into staking validators.
The company aims to acquire 5% of Ethereum’s circulating supply through its so-called “Alchemy of 5%” strategy. That approach has made BitMine one of the largest publicly traded corporate holders of ETH.
The Norwegian fund’s position therefore provides exposure to BitMine’s Ethereum strategy without requiring it to hold the cryptocurrency directly.
Institutional Interest Expands
The investment also highlights the growing presence of digital assets in institutional portfolios. Norway’s Government Pension Fund Global manages roughly $2.3 trillion and holds positions across thousands of companies worldwide.
BitMine was not listed among the fund’s disclosed holdings in December 2025, suggesting that its position was established during the first half of 2026. Public filings do not indicate exactly when the shares were acquired.
The investment comes as BitMine continues to position itself as an Ethereum-focused treasury company. Its strategy combines ETH accumulation with staking, allowing the company to seek additional returns from its cryptocurrency holdings.
For investors, Norway’s disclosure could reinforce the growing institutional acceptance of Ethereum-related equities. However, BitMine shares remain exposed to both cryptocurrency volatility and the risks associated with the company’s concentrated treasury strategy.
