Norway’s sovereign wealth fund gains indirect Ethereum exposure via BitMine

The position in BitMine represents a strategic move within the fund’s broader mandate, which already includes indirect Bitcoin holdings through companies like Coinbase and various mining operations. While the $81.9 million allocation is significant, it accounts for only 0.0082% of the fund’s $1.003 trillion in disclosed U.S. securities. Norges Bank did not hold these shares at the close of 2025, though the fund’s use of confidential treatment requests in earlier 2026 filings obscures the precise timing of the acquisition.

BitMine’s treasury is heavily concentrated in digital assets, reporting 5,805,238 ETH as of August 9, with roughly 87% of those tokens currently staked. The company is actively pursuing its self-described “Alchemy of 5%” goal, aiming to control 5% of the total Ethereum supply. Despite the fund's investment, officials emphasize that this is a standard equity purchase rather than a direct adoption of cryptocurrency as a reserve asset. With over 7,100 companies in its portfolio, including a $1.22 billion stake in SpaceX, the fund maintains a highly diversified approach to global markets.