North Korea has become a top holder of bitcoin, now ranking third globally as the U.S. prepares to launch a Strategic Bitcoin Reserve. This change is largely the result of cybercrimes perpetrated by the Lazarus Group, which converted stolen cryptocurrencies into bitcoin. The U.S. remains the largest holder, with the U.K. and Bhutan also having significant reserves.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) led by President Trump’s Executive Order, North Korea has swiftly ascended to become one of the top three global bitcoin holders. This rise is attributed to a hacking syndicate, allegedly linked to the North Korean government, which has been converting illicitly obtained gains into bitcoin, effectively creating a clandestine national savings reserve.
North Korea’s position as a leading government bitcoin holder has been bolstered by the Lazarus Group, which is known for its cybercrimes linked to the state. In a significant event on February 21, 2025, the group executed a major heist at Bybit, stealing more than $1.4 billion in cryptocurrencies, particularly ethereum, and converting a portion into BTC. Currently, they hold 13,562 BTC, valued at approximately $1.14 billion.
North Korea’s bitcoin accumulation process predated the U.S.’s announcement regarding the SBR, but the timing became notably notable when President Trump officially revealed the SBR concept on March 6, 2025. Reports from Arkham Intelligence indicate that the United States possesses 198,109 BTC, worth about $16.71 billion, making it the world’s largest government holder of bitcoin.
The United Kingdom follows closely with 61,245 BTC, equivalent to around $5.17 billion, largely acquired through criminal seizures. Although the U.K. has not shown intentions of establishing its own SBR, it remains a significant player in the cryptocurrency realm. Meanwhile, North Korea now sits just behind the U.K. with its notable cryptocurrency reserves, surpassing Bhutan’s 10,635 BTC ($897.60 million) and El Salvador’s 6,117 BTC ($516.11 million).
The serendipitous timing of North Korea’s bitcoin acquisitions amidst the U.S.’s SBR announcement raises questions about Kim Jong Un’s intentions. It suggests a strategic embrace of the digital currency landscape, where North Korea may be leveraging cybersecurity for geopolitical advantage, contrasting markedly with the U.S.’s strategic framework aimed at formalizing its bitcoin holdings.
In summary, North Korea has emerged as a formidable player in the global bitcoin landscape, now ranking as the third-largest government holder. Their accumulation, largely facilitated through cybercrime, stands in stark contrast to the United States’ planned Strategic Bitcoin Reserve. As nations navigate the complexities of cryptocurrency, the dynamics between North Korea’s clandestine strategies and the U.S.’s strategic initiatives raise significant implications for international relations and economic policy.
Original Source: news.bitcoin.com
