Grund liggr und bǫr bundin
breið holmfjǫturs leiðar
— heinlands hoddum grandar
Hǫðr — eitrsvǫlum naðri.
Breið grund, bundin eitrsvǫlum naðri, liggr und bǫr leiðar holmfjǫturs; Hǫðr heinlands grandar hoddum.
The broad land, surrounded by the poison-cold serpent <Miðgarðsormr>, lies under the tree of the path of the island-fetter [SERPENT > GOLD > MAN = Knútr]; the Hǫðr <god> of the whetstone-land [SWORD > WARRIOR] harms hoards.
[1] bundin: bundinn C
[1, 4] bundin eitrsvǫlum naðri ‘surrounded by the poison-cold serpent <Miðgarðsormr>’: This serpent is Miðgarðsormr ‘the World Serpent’ which, according to Old Norse myth, surrounded the earth. Miðgarðsormr is the god Þórr’s opponent in Bragi Þórr and in Hym (see also ÚlfrU Húsdr 3-6 and EVald Þórr).