Norway’s Government Pension Fund Global disclosed a 6,151,062-share position in BitMine Immersion Technologies valued at $81.87 million for the quarter ended June 30, giving the world’s largest sovereign wealth fund indirect exposure to an aggressive Ethereum accumulation strategy through a listed stock. BitMine launched its ETH treasury strategy on June 30, 2025, after raising $250 million in a private placement and appointing Thomas Lee as chairman, shifting away from its legacy Bitcoin mining business toward an Ethereum-focused model built around ETH per share. As of early August, the company said it held about 5.8 million ETH, or roughly 4.8% of Ethereum’s circulating supply, and more than 5 million of those tokens were staked (locking tokens to earn protocol rewards). That makes the strategy different from Bitcoin treasury models because it combines price exposure with staking yield. The source says Norges Bank has not publicly commented on the rationale for the BMNR stake, and the fund typically holds thousands of global equity positions as part of a broadly diversified mandate. Still, the holding stands out because it gives exposure to a company explicitly trying to accumulate and stake as much ETH as possible, with a stated goal of reaching 5% of circulating supply. The article argues that such ownership concentration could tighten tradable supply and that the presence of Norway’s fund on the shareholder register may make similar allocations easier to justify for other institutional investors.