North Korea has quickly become the third-largest government holder of Bitcoin, largely due to cybercriminal activities led by the Lazarus Group. The heist at Bybit boosted its holdings to over 13,562 BTC, valued at $1.14 billion. This development coincides with the U.S. plans for a Strategic Bitcoin Reserve, raising questions about the strategic motivations behind North Korea’s actions in the cryptocurrency space.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) following President Trump’s Executive Order, North Korea has ascended to become the third-largest government holder of Bitcoin. This advancement appears to result from a hacking group, believed to be backed by the North Korean government, which has redirected illicit earnings into Bitcoin, thereby transforming criminal activities into a national reserve of sorts.
North Korea’s emergence as a significant Bitcoin holder is facilitated by the Lazarus Group, a state-associated hacking organization. Notably, on February 21, 2025, this group executed an audacious $1.4 billion heist at Bybit, predominantly acquiring Ethereum but later converting a substantial portion into Bitcoin. Arkham Intelligence indicates that the group currently possesses 13,562 BTC, valued at approximately $1.14 billion, significantly enhancing Pyongyang’s financial resources.
The accumulation of Bitcoin by North Korea began before the public introduction of the U.S. SBR, yet the pace of their collection accelerated notably just prior to Trump’s announcement of the reserve on March 2, 2025. His official confirmation followed on March 6, 2025. Current reports reveal that the United States leads with 198,109 BTC, equating to $16.71 billion, firmly establishing its position as the largest government holder of Bitcoin.
The United Kingdom follows with 61,245 BTC, approximately worth $5.17 billion, amassed primarily through criminal seizures rather than a formal SBR initiative. North Korea’s cryptocurrency accumulation places it right after the U.K., ahead of Bhutan, which holds 10,635 BTC (valued at $897.60 million), and El Salvador, which possesses 6,117 BTC (valued at $516.11 million).
The coincidental timing of North Korea’s Bitcoin accumulation alongside the U.S. SBR announcement raises questions about whether Kim Jong Un is positioning himself strategically within the blockchain realm. While the U.S. promotes its reserve as a strategic maneuver, North Korea appears to utilize shadowy tactics, leveraging stolen Bitcoin as a method of increasing its geopolitical influence. This situation highlights a complex interplay between legitimate strategies and illicit actions in the realm of digital currency, where the lines between policy and criminality often intersect.
In summary, North Korea’s rise as a significant holder of Bitcoin reflects its adept use of cybercrime to strengthen its economic standing amid geopolitical developments. As the United States prepares to unveil its Strategic Bitcoin Reserve, the juxtaposition between legitimate strategies and illicit means employed by North Korea presents a profound commentary on the evolving dynamics of cryptocurrency and global power. This scenario underscores the intricate and often convoluted relationship between digital assets, national interests, and cyber activities.
Original Source: news.bitcoin.com
