North Korea has climbed to become the third-largest government holder of Bitcoin, amassing 13,562 BTC valued at $1.14 billion, thanks to cyber heists led by the Lazarus Group. This development coincides with the impending U.S. Strategic Bitcoin Reserve announcement, leading to speculation about North Korea’s geopolitical motivations. The U.S. holds the largest reserve with 198,109 BTC, while the U.K. is second with 61,245 BTC.
As the United States prepares to implement a Strategic Bitcoin Reserve (SBR), North Korea has surprisingly emerged as one of the top three global holders of Bitcoin. This development arises amidst allegations that a state-backed hacking syndicate has been converting their illicit gains into Bitcoin, effectively using digital theft as a clandestine means of national savings.
North Korea’s ascent to being a primary government holder of Bitcoin can be attributed to the Lazarus Group, a notorious hacking organization. On February 21, 2025, the group executed a significant heist at Bybit, acquiring over $1.4 billion in various cryptocurrencies, primarily Ethereum, and converting some of it into Bitcoin. Reports from Arkham Intelligence indicate that the syndicate now possesses approximately 13,562 BTC, valued at around $1.14 billion, thus transforming cybercrime into a form of state wealth.
The accumulation of Bitcoin by North Korea began even before the U.S. proposed its Strategic Bitcoin Reserve. However, this buildup coincided with President Trump’s recent mention of the SBR, with the official Executive Order signed on March 6, 2025. This has introduced an interesting layer of geopolitical complexity around the digital currency landscape. As of now, the United States is the leading government holder of Bitcoin with 198,109 BTC, equivalent to $16.71 billion.
The United Kingdom follows as the second-largest holder, with 61,245 BTC, valued at approximately $5.17 billion. Unlike the U.S., the U.K. has not announced plans for an SBR but has amassed its Bitcoin mainly through criminal seizures. North Korea’s status places it directly behind the U.K. but above Bhutan and El Salvador’s holdings. Bhutan, managed by Druk Holdings, has 10,635 BTC valued at $897.6 million, whereas El Salvador holds 6,117 BTC, worth about $516.11 million.
The timing of North Korea’s Bitcoin acquisition raises questions regarding its geopolitical strategy in response to the U.S. declaration of an SBR. It appears that Kim Jong Un is seeking to capitalize on the growing value of digital assets while merging cyber capabilities with international strategy. This scenario highlights a complex interplay of legitimate policy and the more opaque nature of cybercrime, reflecting the merging interests of two nations in the world of digital currency.
In conclusion, North Korea has notably emerged as one of the leading holders of Bitcoin, currently ranking third among governments worldwide. This development coincides with the impending establishment of the U.S. Strategic Bitcoin Reserve, raising questions about the geopolitical strategies at play. With substantial Bitcoin holdings driven by cybercrime, North Korea’s approach contrasts sharply with that of other nations, underscoring a complex relationship between legitimacy and illicit activities within the realm of digital finance.
Original Source: news.bitcoin.com
