TLDR
- Norway’s sovereign wealth fund disclosed 6.15 million BitMine shares worth about $81.9 million.
- The stake gives the fund indirect Ethereum exposure through BMNR stock.
- BitMine reported holding about 5.81 million ETH as of August 9.
- Roughly 5.07 million ETH, or about 87% of its holdings, was staked.
- Wall Street’s average BMNR price target stands above the current $18.29 share price.
BitMine Immersion Technologies stock closed 2.24% higher at $18.29 on Thursday as Norway’s sovereign wealth fund disclosed a large position in the Ethereum treasury company. The Government Pension Fund Global held 6,151,062 BMNR shares worth about $81.87 million as of June 30.
Source: KnockOutStocks
The position gives the Norwegian fund indirect exposure to Ethereum through BitMine shares rather than direct ownership of ETH. BitMine did not appear in the fund’s December 2025 holdings report, while the latest disclosure does not state when the shares were purchased or the price paid.
Norway Wealth Fund Takes $81.9M BitMine Stake
Norway’s Government Pension Fund Global ended the first half of 2026 with assets worth 22.683 trillion Norwegian kroner. Equities represented 72.1% of the portfolio, while the fund recorded a 9.4% return during the first six months of the year.
The BitMine position forms part of that wider equity portfolio and should not be treated as a direct Ethereum purchase. BMNR shares reflect the value of the company’s ETH treasury alongside its financing, operations and other investments.
BitMine was added to the Russell 1000 on June 26. Neither BitMine nor the Norwegian fund has said whether the index addition contributed to the acquisition, leaving the reason and timing behind the position undisclosed.
BitMine Holds 5.81 Million ETH as Staking Position Grows
BitMine reported holding 5,805,238 ETH as of August 9, equal to about 4.8% of Ethereum’s reported 120.7 million token supply. The company valued its crypto assets, cash, marketable securities and other investments at $11.6 billion.
About 5,067,309 ETH was staked, representing roughly 87% of BitMine’s Ethereum holdings. The company said the staked position was valued at $9.8 billion using an ETH price of $1,928 and estimated annualized staking rewards of about $294 million at the stated yield.
BitMine has continued buying ETH while also repurchasing its own shares. The company bought back 3 million common shares during the week before its August 10 update, taking cumulative repurchases since July to more than 19 million shares under its authorized $4 billion program. Chairman Tom Lee said the company continues to view BMNR shares as “undervalued,” although that assessment represents management’s position rather than an independent valuation.
BMNR Stock Forecast Points to Further Upside
Wall Street forecasts remain above BMNR’s $18.29 closing price. Three analysts currently carry an average 12-month BitMine stock price target of $31.87, representing about 74% upside from the latest close, with the consensus rating listed as Strong Buy.
Individual forecasts remain spread out. B. Riley recently lowered its BMNR price target to $25 from $33 while maintaining a Buy rating. The $25 forecast would still place the shares about 37% above the latest closing price.
Source: TipRanks
BMNR remains well below its 52-week high of $71.74 despite its latest gain. The stock has traded between $12.80 and $71.74 over the past year, reflecting large swings as investors track Ethereum prices, BitMine’s expanding treasury and the company’s capital strategy.
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