North Korea Becomes Third-Largest Bitcoin Holder as U.S. Strategic Reserve Looms
North Korea has emerged as the third-largest governmental holder of bitcoin, primarily due to activities linked to a state-sponsored hacking group. In contrast, the United States is set to launch a Strategic Bitcoin Reserve, further complicating the dynamics of global cryptocurrency holdings. As both nations engage in this digital currency arena, their motives reveal a complex interplay of strategy and cybercrime.
In light of the United States’ initiative to establish a Strategic Bitcoin Reserve (SBR), North Korea has emerged as a notable player in the bitcoin market, becoming the third-largest state holder of bitcoin globally. This development is believed to be attributed to the Lazarus Group, a hacking collective linked to the North Korean regime, which has allegedly funneled illicit earnings into Bitcoin, effectively transforming these digital heists into a shadowy financial reservoir.
As of February 21, 2025, the Lazarus Group executed a significant heist at the cryptocurrency exchange Bybit, resulting in the theft of over $1.4 billion primarily in Ethereum, with a portion subsequently converted to Bitcoin. Current data indicates that North Korea possesses 13,562 BTC, valued at approximately $1.14 billion, thus converting cybercrime proceeds into state assets.
This accumulation of cryptocurrency by North Korea began prior to the announcement of the U.S. SBR. Coinciding with President Trump’s promotion of the SBR, North Korea’s Bitcoin collection has intensified, emphasizing a possible geopolitically strategic maneuver. Following Trump’s signing of the Executive Order on March 6, 2025, the U.S. holds a remarkable 198,109 BTC, with a total value of $16.71 billion, solidifying its position as the largest state Bitcoin holder.
The United Kingdom ranks second with 61,245 BTC, valued at roughly $5.17 billion; these assets largely derive from law enforcement seizures rather than a dedicated SBR. Meanwhile, North Korea’s Bitcoin holdings surpass those of Bhutan, which controls 10,635 BTC valued at $897.60 million, and El Salvador with its total of 6,117 BTC, evaluated at $516.11 million.
The synchronicity of North Korea’s rise in cryptocurrency holdings with the U.S. SBR highlights the complexities of global digital asset dynamics. This juxtaposition of North Korea’s opaque strategies against Washington’s deliberate approach raises questions about intentions and the intersection of digital finance with national interests. The interplay of these two nations in the digital currency realm signifies a nuanced and intricate balance of power within the cryptocurrency landscape.
In conclusion, North Korea’s strategic elevation to the position of a significant bitcoin holder coincides with the United States’ announcement of its Strategic Bitcoin Reserve. The activities of the Lazarus Group exemplify a shift in how rogue states engage with digital currencies, utilizing cybercrimes to enhance their geopolitical standing. As nations like the U.S. and the U.K. navigate these complex intersections of strategy and illicit activities, the global bitcoin landscape continues to evolve, reflecting broader geo-economic currents.
Original Source: news.bitcoin.com
