North Korea has emerged as a leading government Bitcoin holder, aided by the Lazarus Group’s hacking heists. This rise coincides with the U.S. planning a Strategic Bitcoin Reserve, presenting a unique geopolitical narrative. North Korea’s holdings currently rank it third globally, behind the U.S. and the U.K., while El Salvador and Bhutan hold lesser amounts, raising questions about intentions and strategies in the cryptocurrency market.
As the United States prepares to initiate a Strategic Bitcoin Reserve (SBR), driven by President Trump’s Executive Order, North Korea ascends to become one of the top three global bitcoin holders. This development raises suspicions regarding a purported hacking syndicate believed to be associated with the North Korean regime, which has been converting illicit proceeds into Bitcoin, effectively creating a covert national savings fund.
North Korea’s notable rise in Bitcoin holdings is attributed to the Lazarus Group, a hacking syndicate reportedly connected to the state. On February 21, 2025, this group executed a significant heist at Bybit, securing over $1.4 billion primarily in Ethereum and subsequently converting a portion into Bitcoin. Current data from Arkham Intelligence indicates that they now possess 13,562 BTC, valued at approximately $1.14 billion, transforming cybercriminal exploits into a national reserve.
North Korea’s accumulation of cryptocurrency began long before the announcement of the U.S. SBR plan, yet there was an observable increase in their holdings shortly before President Trump officially endorsed the initiative on March 6, 2025. The United States currently boasts 198,109 BTC, substantially worth about $16.71 billion, rendering it the largest governmental holder of Bitcoin.
The United Kingdom trails as the second-largest holder with 61,245 BTC, valued at roughly $5.17 billion, primarily obtained through criminal raids rather than a strategic reserve plan. This positions North Korea right after the U.K., ahead of Bhutan and El Salvador. Bhutan, under Druk Holdings’ management, possesses 10,635 BTC, valued at approximately $897.60 million, while El Salvador’s current Bitcoin holdings stand at 6,117 BTC, equating to $516.11 million.
The timing of North Korea’s growing cryptocurrency portfolio, aligned with the U.S. announcement of its SBR, provokes speculation regarding Kim Jong Un’s potential strategies in the burgeoning digital economy. While the U.S. presents its reserve as a calculated strategy, North Korea appears to navigate through clandestine methods, transforming illicit gains into geopolitical leverage. This scenario illustrates a complex interplay between national interests and activities that blur the lines between legitimate economic policy and criminal enterprise.
In summary, North Korea’s ascent as a significant holder of Bitcoin follows a series of successful cyber-heists attributed to the Lazarus Group, leading to vast accumulations in cryptocurrency. The United States’ near-term initiative to establish a Strategic Bitcoin Reserve juxtaposes with North Korea’s use of illicit gains, suggesting diverging strategies among nations in the cryptocurrency sphere. The geopolitical implications of these actions highlight the delicate balance between statecraft and cybercriminal activities.
Original Source: news.bitcoin.com
