North Korea has risen to become the third-largest government holder of Bitcoin, primarily due to the Lazarus Group’s illicit cyber activities. This development coincides with the U.S. announcing its Strategic Bitcoin Reserve, where it holds the largest amount of Bitcoin. The U.K. follows in second place, while Bhutan and El Salvador hold lesser amounts, sparking discussions about the geopolitical motivations behind these nations’ cryptocurrency strategies.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) in response to President Trump’s Executive Order, North Korea has stealthily ascended to become one of the top three global holders of Bitcoin. This development is believed to be facilitated by a government-affiliated hacking syndicate that has been converting illicit gains into Bitcoin, creating a form of digital savings for the nation.
North Korea’s rise in the Bitcoin rankings is attributed to the Lazarus Group, a notorious hacking collective linked to the regime. On February 21, 2025, this group executed a staggering heist at Bybit, stealing over $1.4 billion in cryptocurrency, predominantly Ethereum, and subsequently converting a significant portion into Bitcoin. According to data from Arkham Intelligence, their crypto holdings now total 13,562 BTC, valued at approximately $1.14 billion, effectively establishing a covert national reserve.
This increase in North Korea’s cryptocurrency assets predates the U.S. announcement regarding the SBR. Nevertheless, the accumulation accelerated shortly before President Trump’s mention of the plan on March 2, 2025. The Executive Order was officially signed on March 6, 2025, further intertwining the nation’s Bitcoin strategies with international political dynamics. Presently, the United States is reported to hold 198,109 BTC, equating to an impressive $16.71 billion, solidifying its position as the foremost government Bitcoin holder.
The United Kingdom ranks second, possessing 61,245 BTC, valued at about $5.17 billion. Despite no indication of the U.K. establishing its own SBR, these holdings primarily result from criminal asset seizures, reinforcing its significant stake in Bitcoin. North Korea now occupies the third position among governments, outperforming Bhutan and El Salvador in terms of Bitcoin reserves. Bhutan holds 10,635 BTC, managed by Druk Holdings, while El Salvador’s assets amount to 6,117 BTC, valued at $516.11 million.
The timing of North Korea’s Bitcoin accumulation, coinciding with the U.S. SBR announcement, raises intriguing speculations. It suggests a strategic maneuver by Kim Jong Un to engage in the burgeoning digital currency market, blending technological prowess with geopolitical strategies. While the U.S. emphasizes the strategic nature of its reserve, North Korea’s methods appear to be rooted in subterfuge, converting stolen assets into a calculated form of influence. This juxtaposition presents a complex narrative where the lines between policy and illicit actions blur in the realm of digital assets.
In conclusion, North Korea’s emergence as a leading government Bitcoin holder amid the U.S. Strategic Bitcoin Reserve announcement highlights the interplay between cybercrime and geopolitical strategy. With North Korea’s significant crypto accumulation and the United States’ substantial reserves, the international landscape around Bitcoin is becoming increasingly complex. The juxtaposition of these nations’ approaches raises questions about the implications for global digital asset dynamics.
Original Source: news.bitcoin.com
