Norway’s Government Pension Fund Global disclosed an $81.87 million stake (6,151,062 shares) in BitMine Immersion Technologies. The company has pivoted from Bitcoin mining to aggressive Ethereum accumulation, holding approximately 5.8 million ETH, representing roughly 4.8% of Ethereum’s total circulating supply. Over 5 million of those ETH holdings are staked, generating yield that the company projects will produce hundreds of millions of dollars in annual revenue. BitMine launched its ETH treasury strategy on June 30, 2025, raising $250 million through a private placement, with a target of holding 5% of Ethereum’s circulating supply.
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