Norway’s Government Pension Fund Global has disclosed a 6,151,062-share stake in BitMine Immersion Technologies valued at $81,870,635, according to a Norges Bank filing for the quarter ended June 30.

The position gives the sovereign wealth fund indirect exposure to Ethereum through shares of a publicly listed company rather than through a direct purchase of ETH. The filing shows the holding was present by June 30, but it does not say when the shares were acquired or what price the fund paid.

A new holding in the June filing

BitMine did not appear in the fund’s December report, but it was listed in the June 30 disclosure. That establishes that the position was added sometime between those reporting dates, while leaving the timing and cost of the purchase undisclosed.

The size of the reported holding was 6,151,062 shares, with a stated value of $81,870,635 in the filing. The disclosure identifies the fund’s exposure as an equity investment, not a direct holding of cryptocurrency.

Why the position matters

BitMine describes itself as an Ethereum treasury and blockchain-infrastructure company. By owning BMNR stock, the Norwegian sovereign fund gains exposure linked to BitMine’s business and balance sheet, including its Ethereum reserves, instead of holding ETH directly.

That distinction matters because the value of the fund’s position depends on more than the price of Ethereum alone. BitMine’s share price can also reflect its financing structure, corporate operations, and other assets and liabilities.

BitMine’s reported Ethereum reserves

BitMine said it held 5,805,238 ETH as of Aug. 9. The company also reported that its crypto, cash, marketable securities and other investments totaled $11.6 billion on that date.

According to BitMine’s announcement, 5,067,309 of its ETH was staked as of Aug. 9. Those figures provide a snapshot of the company’s crypto-linked balance sheet after the quarter-end date in the Norwegian fund’s filing.

Index inclusion and what remains unknown

BitMine also said it joined the Russell 1000 index on June 26. However, neither BitMine’s statement nor the Norges Bank disclosure establishes whether that index addition was related to the sovereign fund’s position.

For now, the confirmed facts are limited to the quarter-end share count and valuation reported by the fund. The filing does not reveal the purchase date, entry price, or investment rationale, so the next clear update would likely come from a later holdings report showing whether the position changed after June 30.

Source: thedefiant.io