North Korea has become a leading government holder of bitcoin, aided by the Lazarus Group’s hacking operations. With 13,562 BTC valued at $1.14 billion, it ranks behind the U.S. and the U.K. The timing of its rise coincides with the U.S. launching a Strategic Bitcoin Reserve, prompting speculation on North Korea’s strategic aims in the cryptocurrency domain.
As the United States prepares to unveil a Strategic Bitcoin Reserve (SBR) following President Trump’s Executive Order, North Korea has surprisingly emerged as one of the top three global holders of bitcoin. This development is associated with allegations of a hacking group, purportedly linked to the North Korean government, which has been directing illicit gains into Bitcoin, transforming digital theft into a clandestine national savings mechanism.
North Korea’s ascendance to becoming the third-largest government holder of Bitcoin is attributed to the Lazarus Group, a state-affiliated hacking organization. On February 21, 2025, this group executed an extraordinary heist at Bybit, stealing over $1.4 billion in cryptocurrency—primarily Ethereum—and subsequently converting a portion into Bitcoin. According to Arkham Intelligence, the syndicate has amassed 13,562 BTC, valued at approximately $1.14 billion, effectively turning cybercrime into a national asset.
The accumulation of cryptocurrency by North Korea commenced prior to the discussions of the U.S. SBR. However, the timing took a significant turn following President Trump’s announcement on March 2, 2025, confirming the SBR through an Executive Order on March 6, 2025. Current reports indicate that the U.S. government currently holds 198,109 BTC, which equates to an impressive $16.71 billion, establishing it as the leading governmental holder of Bitcoin.
In the second position, the United Kingdom possesses 61,245 BTC, approximately valued at $5.17 billion. Although the U.K. has not expressed intentions to initiate an SBR, it has accrued its bitcoin through criminal seizures, thus establishing a substantial presence in the cryptocurrency domain. North Korea now ranks just behind the U.K., surpassing Bhutan and El Salvador in terms of Bitcoin holdings. Bhutan, managed by Druk Holdings, holds 10,635 BTC (about $897.60 million), while El Salvador’s holdings total 6,117 BTC, valued at $516.11 million.
The timing of North Korea’s increased cryptocurrency holdings—concomitant with the U.S.’s SBR announcement—raises intriguing questions about Kim Jong Un’s intentions. Is he positioning North Korea to benefit from the contemporary digital asset boom, merging technological adeptness with geopolitical maneuvers? While the U.S. is promoting its reserve as a strategic measure, North Korea appears to be engaging in a more clandestine approach, utilizing stolen cryptocurrencies for strategic gain. This scenario illustrates a complex interplay of interests, where nations navigate the intersection of digital currencies and national strategy.
The recent developments in the global cryptocurrency landscape have positioned North Korea as a significant player among governmental Bitcoin holders. The Lazarus Group’s heist has transformed illicit gains into a substantial Bitcoin accumulation for the North Korean regime, coinciding with the U.S. announcement of its Strategic Bitcoin Reserve. This phenomenon highlights the juxtaposition of different national strategies towards digital currencies, where motives intertwine within the realms of geopolitics and cybercrime.
Original Source: news.bitcoin.com
