Norway’s $1.7T wealth fund discloses $82M stake in BitMine Immersion Technologies

The world’s largest sovereign wealth fund just quietly bought its way into one of the most aggressive Ethereum accumulation plays on public markets. Norway’s Government Pension Fund Global disclosed a 6,151,062-share position in BitMine Immersion Technologies, valued at $81.87 million, according to a Norges Bank holdings filing for the quarter ended June 30. The stake gives Norway’s $1.7 trillion fund indirect exposure to Ethereum through BMNR, a company that has pivoted from Bitcoin mining to hoarding ETH like it’s going out of style. As of early August, BitMine held approximately 5.8 million ETH, representing roughly 4.8% of Ethereum’s total circulating supply. From Bitcoin miner to Ethereum whale BitMine’s transformation has been swift and deliberate. The company launched its ETH treasury strategy on June 30, 2025, raising $250 million in a private placement to fund the pivot. That same day, Thomas Lee was appointed chairman, marking a clean break from the firm’s legacy mining operations. The playbook borrows heavily from MicroStrategy’s Bitcoin treasury model, but applies it to Ethereum with one crucial twist: staking. Of BitMine’s 5.8 million ETH holdings, more than 5 million ...