North Korea has become a top holder of bitcoin, largely due to the Lazarus Group’s cybercriminal activities. With over 13,562 BTC, valued at $1.14 billion, it ranks third globally. This growth coincides with the U.S. preparing to launch its Strategic Bitcoin Reserve, indicating a unique intersection of cyber tactics and geopolitics in the digital currency sphere.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) following President Trump’s Executive Order, North Korea has emerged as one of the top three global holders of bitcoin. This development raises concerns about a hacking syndicate, allegedly associated with the North Korean government, that has been redirecting illicit profits into bitcoin, effectively creating a covert national savings strategy.
North Korea has ascended to the position of third-largest government holder of bitcoin, primarily due to the activities of the Lazarus Group, a state-affiliated hacking organization. On February 21, 2025, this collective executed a substantial heist at Bybit, resulting in the theft of over $1.4 billion in cryptocurrency and a significant conversion into bitcoin, totaling 13,562 BTC valued at approximately $1.14 billion, which has transformed cybercrime proceeds into a national asset.
This accumulation of cryptocurrency began well before the U.S. announced its SBR initiative. Interestingly, this buildup accelerated just prior to President Trump’s unveiling of the SBR concept on March 2, 2025, and was formalized with his Executive Order on March 6, 2025. According to Arkham Intelligence, the United States currently holds 198,109 BTC, valued at $16.71 billion, making it the largest government bitcoin holder globally.
The United Kingdom ranks second, possessing 61,245 BTC, approximately worth $5.17 billion. Although the U.K. has not indicated plans for its own SBR, its substantial crypto holdings stem from criminal seizures. This positions North Korea behind the U.K. but ahead of Bhutan and El Salvador in terms of government-held bitcoin. Bhutan holds 10,635 BTC valued at $897.60 million, while El Salvador’s holdings are 6,117 BTC valued at $516.11 million.
The timing of North Korea’s ascent in the cryptocurrency domain coinciding with the SBR announcement in the United States invites speculation. It raises questions about whether Kim Jong Un is seizing the opportunity to assert influence in the emerging digital currency landscape. While Washington promotes its reserve as a strategic endeavor, Pyongyang’s approach appears to involve less transparent methods, transforming stolen assets into a calculated exercise of power. This situation illustrates a complex interplay of motives and actions between nations engaged in the world of cryptocurrency.
In conclusion, North Korea’s rise as a significant holder of bitcoin coincides with the forthcoming launch of the U.S. Strategic Bitcoin Reserve. The Lazarus Group’s illicit activities have bolstered the country’s bitcoin cache, positioning it strategically on the global stage. Meanwhile, the U.S. and U.K. lead the ranks in government-held bitcoin, while Bhutan and El Salvador maintain smaller reserves. This dynamic underscores a complex relationship between policy and illicit actions in the evolving cryptocurrency landscape.
Original Source: news.bitcoin.com
