North Korea has emerged as a top government holder of Bitcoin, primarily due to the Lazarus Group’s hacking operations, elevating it to third place among nation-state holders. This rise coincides with the U.S. announcement of a Strategic Bitcoin Reserve, contrasting North Korea’s illicit accumulation of crypto with U.S. strategic aims. The UK holds second place in Bitcoin reserves, followed by Bhutan and El Salvador.
As the United States prepares to initiate a Strategic Bitcoin Reserve (SBR) following an Executive Order from President Trump, North Korea has emerged as a significant player in the global cryptocurrency landscape. The nation’s ranking has surged, largely attributed to a hacking group linked to the North Korean regime, which has been converting illicit earnings into Bitcoin, effectively creating a clandestine national reserve of digital assets.
North Korea’s rise to become one of the top three government holders of Bitcoin can be traced back to the activities of the Lazarus Group, a cybercrime organization associated with the state. On February 21, 2025, this group conducted a remarkable heist on Bybit, stealing more than $1.4 billion in various cryptocurrencies, predominantly Ethereum, which was subsequently converted into Bitcoin. Current data indicates that the group possesses approximately 13,562 BTC, valued at about $1.14 billion, transforming cyber thefts into a form of national savings.
Interestingly, North Korea’s accumulation of Bitcoin began prior to the U.S. announcement regarding the SBR. This digital asset accumulation intensified just before President Trump officially announced the SBR on March 6, 2025, following his earlier remarks on March 2. According to Arkham Intelligence, the U.S. currently holds 198,109 BTC, with a total value of $16.71 billion, making it the leading government holder of Bitcoin.
The United Kingdom ranks second, possessing 61,245 BTC, equating to approximately $5.17 billion. While the U.K. has not expressed intentions to create its own SBR, it has accrued cryptocurrencies primarily through criminal forfeitures, thus maintaining considerable influence within the cryptocurrency domain. Following North Korea, Bhutan and El Salvador’s Bitcoin reserves are significantly smaller, with Bhutan holding 10,635 BTC (worth $897.60 million) and El Salvador holding 6,117 BTC (valued at $516.11 million).
The coincidental timing of North Korea’s acquisition of cryptocurrency alongside the U.S. SBR initiative raises intriguing questions about the regime’s motives. Kim Jong Un appears to be strategically navigating the digital landscape to potentially leverage this emerging asset class for geopolitical advantage. While the U.S. portrays its reserve as methodical, North Korea’s involvement emanates from a realm of subterfuge, where digital crimes translate into significant power.
In conclusion, North Korea’s ascension as one of the top holders of Bitcoin has been facilitated by state-sponsored cybercriminal activities, particularly through the Lazarus Group. This development coincides with the United States’ plans to establish a Strategic Bitcoin Reserve, prompting speculation about the intertwining of international finance and digital crime. As countries vie for dominance in the cryptocurrency sphere, the dynamics between legitimate governance and illicit activities become increasingly complex.
Original Source: news.bitcoin.com
