Norway Wealth Fund Lands $81.9M Stake in Ethereum-Exposed BitMine

Norges Bank Investment Management has disclosed a $81.87 million stake in BitMine Immersion Technologies, giving Norway's Government Pension Fund Global indirect exposure to Ethereum.

The position was valued at $81,870,635 as of June 30 and represents about 0.0082% of the fund's approximately $1.003 trillion in securities.

BitMine holds a significant amount of ETH, with 5,805,238 tokens on its balance sheet, representing about 4.8% of the total supply.

The company has stated that it is pursuing its 'Alchemy of 5%' target of holding 5% of Ethereum's supply, but this remains a goal rather than a guarantee.