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.