North Korea has become one of the world’s largest holders of Bitcoin due to illicit activities led by the Lazarus Group. With over $1.14 billion in Bitcoin, North Korea ranks third globally, just after the U.S. and the U.K. This development occurs alongside the U.S. introduction of its Strategic Bitcoin Reserve, raising questions about geopolitical motives in the cryptocurrency arena.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) following President Trump’s Executive Order, North Korea has stealthily emerged as one of the top three global holders of Bitcoin. This development raises concerns regarding a suspected hacking syndicate connected to the North Korean government, which has transformed illicit gains into substantial Bitcoin reserves.
North Korea’s ascension to becoming a significant holder of Bitcoin is attributed to the activities of the Lazarus Group, a hacking organization linked with the regime. Notably, on February 21, 2025, the group executed a remarkable theft amounting to over $1.4 billion in crypto, primarily Ethereum, later converting a portion into Bitcoin. According to Arkham Intelligence, this syndicate currently possesses 13,562 BTC, valued at approximately $1.14 billion, effectively creating a state-sponsored savings account through cybercrime.
The accumulation of North Korea’s cryptocurrency began prior to any discussions regarding the U.S. SBR. However, the buildup intensified immediately before President Trump announced his plans for the SBR on March 2, 2025. Following the official signing of the Executive Order on March 6, 2025, this development added a layer of international intrigue to the ongoing discourse surrounding digital currencies. Arkham’s reports reveal that the United States currently holds 198,109 BTC, worth around $16.71 billion, thereby leading as the largest government Bitcoin holder.
The United Kingdom follows as the second-largest holder with 61,245 BTC, approximately valued at $5.17 billion. While there are no indications that the U.K. plans to establish its own SBR, it has accumulated assets through criminal asset seizures. Consequently, North Korea ranks third, ahead of Bhutan and El Salvador. Bhutan, managed by Druk Holdings, has accumulated 10,635 BTC valued at $897.60 million, whereas El Salvador holds 6,117 BTC, corresponding to a value of $516.11 million.
The simultaneous rise of North Korea’s cryptocurrency holdings alongside the U.S. SBR announcement raises questions about Kim Jong Un’s motives in the digital currency landscape. It appears that the North Korean leadership may be leveraging cyber capabilities to engage in strategic positioning within the realm of international finance. The juxtaposition of Washington’s overt strategic initiatives against Pyongyang’s covert operations illustrates the complex interplay of cryptocurrency, policy, and potential illicit activities.
In conclusion, North Korea’s emergence as a prominent Bitcoin holder coincides with the U.S. establishing its Strategic Bitcoin Reserve. The Lazarus Group’s significant crypto thefts and subsequent asset conversion have positioned North Korea among the top government Bitcoin holders. This situation highlights the intriguing dynamics between national strategies for digital currencies, underscoring the blend of legitimate and illicit actions taken by nations in the evolving cryptocurrency landscape.
Original Source: news.bitcoin.com
