Fáfnir and Reginn kill their father Hreiðmarr for the gold; Fáfnir takes the helm of terror and becomes a dragon on Gnitaheiðr. Reginn fosters Sigurðr Völsungsson, forges the sword Gramr, and Sigurðr kills Fáfnir from a pit. Tasting the dragon-heart's blood, he understands the speech of birds, kills the treacherous Reginn and rides off with the gold on the horse Grani.

Hvat er fleira at segja frá gullinu? Hreiðmarr tók þá gullit at sonargjöldum, en Fáfnir ok Reginn beiddust af nökkurs í bróðurgjöld. Hreiðmarr unni þeim enskis pennings af gullinu. Þat varð óráð þeira bræðra, at þeir drápu föður sinn til gullsins.

What more is there to tell of the gold? Hreiðmarr then took the gold as payment for his son, but Fáfnir and Reginn demanded some of it as payment for their brother. Hreiðmarr granted them not a penny of the gold. That was the wicked design of the brothers, that they killed their father for the gold.

Þá beiddist Reginn, at Fáfnir skyldi skipta gullinu í helminga með þeim. Fáfnir svarar svá, at lítil ván var at hann myndi miðla gullit við bróður sinn, er hann drap föður sinn til gullsins, ok bað Regin fara braut, en at öðrum kosti myndi hann fara sem Hreiðmarr. Fáfnir hafði þá tekit hjálm, er Hreiðmarr hafði átt, ok setti á höfuð sér, er kallaðr var ægishjálmr, er öll kvikvendi hræðast, er sjá, ok sverð þat, er Hrotti heitir. Reginn hafði þat sveð, er Refill er kallaðr. Flýði hann þá braut, en Fáfnir fór upp á Gnitaheiði ok gerði sér þar ból ok brást í ormslíki ok lagðist á gullit. Reginn fór þá til Hjálpreks konungs á Þjóði ok gerðist þar smiðr hans.

Then Reginn demanded that Fáfnir should divide the gold in halves between them. Fáfnir answers that there was little hope he would share the gold with his brother, since he had killed his father for the gold, and told Reginn to go away, or otherwise he would fare as Hreiðmarr. Fáfnir had then taken the helm that Hreiðmarr had owned and set it on his head — it was called the ægishjálmr (helm of terror), which all living things dread that see it — and the sword called Hrotti. Reginn had the sword called Refill. He then fled away, but Fáfnir went up onto Gnitaheiðr and made himself a lair there and turned into the likeness of a serpent and lay upon the gold. Reginn then went to King Hjálprekr in Þjóð and became his smith there.

Þá tók hann þar til fóstrs Sigurð, son Sigmundar, sonar Völsungs, ok son Hjördísar, dóttur Eylima. Sigurðr var ágætastr allra herkonunga af ætt ok afli ok hug. Reginn sagði honum til, hvar Fáfnir lá á gullinu, ok eggjaði hann at sækja gullit.

Then he took there as foster-son Sigurðr, son of Sigmundr, son of Völsungr, and son of Hjördís, daughter of Eylimi. Sigurðr was the most excellent of all war-kings in lineage and strength and spirit. Reginn told him where Fáfnir lay on the gold and egged him on to seek the gold.

Þá gerði Reginn sverð þat, er Gramr heitir, er svá var hvasst, at Sigurðr brá niðr í rennanda vatn ok tók í sundr ullarlagð, er rak fyrir strauminum at sverðsegginni. Því næst klauf Sigurðr steðja Regins ofan í stokkinn með sverðinu.

Then Reginn made the sword called Gramr, which was so sharp that Sigurðr dipped it down into running water and it cut apart a tuft of wool that drifted with the current against the sword's edge. Next Sigurðr split Reginn's anvil down to the block with the sword.

Eftir þat fóru þeir Sigurðr ok Reginn á Gnitaheiði. Þá gróf Sigurðr gröf á veg Fáfnis ok settist þar í. En er Fáfnir skreið til vatns ok hann kom yfir gröfina, þá lagði Sigurðr sverðinu í gegnum hann, ok var þat hans bani. Kom þá Reginn at ok sagði, at hann hefði drepit bróður hans, ok bauð honum þat at sætt, at hann skyldi taka hjarta Fáfnis ok steikja við eld, en Reginn lagðist niðr ok drakk blóð Fáfnis ok lagðist at sofa.

After that Sigurðr and Reginn went to Gnitaheiðr. Then Sigurðr dug a pit in Fáfnir's path and sat down in it. And when Fáfnir crawled to the water and came over the pit, Sigurðr thrust the sword through him, and that was his death. Then Reginn came up and said that he had killed his brother, and offered him this as atonement, that he should take Fáfnir's heart and roast it at the fire; but Reginn lay down and drank Fáfnir's blood and lay down to sleep.

En er Sigurðr steikði hjartat ok hann hugði, at fullsteikt myndi, ok tók á fingrinum, hvé hart var. En er frauðit rann ór hjartanu á fingrinn, þá brann hann ok drap fingrinum í munn sér. En er hjartablóðit kom á tunguna, þá kunni hann fuglsrödd ok skilði, hvat igðurnar sögðu, er sátu í viðnum. Þá mælti ein:

And when Sigurðr was roasting the heart and thought it must be fully roasted, and touched it with his finger [to feel] how hard it was — and when the fluid ran out of the heart onto his finger, he was burned and thrust his finger into his mouth. And when the heart's blood came onto his tongue, he understood the speech of birds and understood what the nuthatches said that sat in the wood. Then one said:

Þá gekk Sigurðr til Regins ok drap hann, en síðan til hests síns, er Grani heitir, ok reið til þess, er hann kom til bóls Fáfnis, tók þá gullit ok batt í klyfjar ok lagði upp á bak Grana ok steig upp sjálfr ok reið þá leið sína.

Then Sigurðr went to Reginn and killed him, and then to his horse, which is called Grani, and rode until he came to Fáfnir's lair, took the gold and bound it in packs and laid it up on Grani's back and mounted himself and rode on his way.

Nú er þat sagt, hver saga til er þess, at gullit er kallat ból eða byggð Fáfnis eða málmr Gnitaheiðar eða byrðr Grana.

Now it is told what story is the source of gold being called Fáfnir's lair or dwelling, or the metal of Gnitaheiðr, or Grani's burden.

Skaldic quotations

Fáglarna (Fáfnismál; om Sigurðr och drakhjärtat)

Þar sitr Sigurðr sveita stokkinn, Fáfnis hjarta við funa steikir; spakr þætti mér spillir bauga ef fjörsega fránan æti.

There sits Sigurðr, sprinkled with blood, roasting Fáfnir's heart at the flame; wise would the ring-breaker [Sigurðr] seem to me if he ate the gleaming life-morsel [the heart].

Fáglarna (om den svekfulle Reginn)

Þar liggr Reginn, kvað önnur, ræðr um við sik, vill tæla mög, þann er trúir hánum, berr af reiði röng orð saman, vill bölvasmiðr bróður hefna.

There lies Reginn, said another, plotting with himself; he means to betray the youth who trusts him; in wrath he strings together crooked words; the mischief-smith means to avenge his brother.