North Korea Emerges as a Key Player in Bitcoin Holdings Amid U.S. SBR Development
North Korea has become the third-largest government holder of bitcoin, accumulating 13,562 BTC worth $1.14 billion, attributed mainly to the Lazarus Group’s hacking activities. This increase in holdings coincides with the U.S. announcement of a Strategic Bitcoin Reserve (SBR), where the U.S. has stockpiled 198,109 BTC. The U.K. follows with 61,245 BTC, while Bhutan and El Salvador lag behind.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR), fueled by President Trump’s Executive Order, North Korea has reportedly ascended to become one of the top three holders of bitcoin globally. This development follows allegations that a state-sanctioned hacking group has been redirecting illicit funds into bitcoin, effectively transforming cybercrime proceeds into a clandestine national reserve.
North Korea’s rise to one of the largest government bitcoin holders has been facilitated by activities from the Lazarus Group, a hacking organization associated with the state. On February 21, 2025, they executed a notable cyber heist at Bybit, amassing over $1.4 billion in cryptocurrency, primarily in Ethereum, which they subsequently exchanged for bitcoin. Arkham Intelligence’s data indicates that this syndicate currently holds 13,562 BTC, valued at approximately $1.14 billion.
Notably, North Korea began its cryptocurrency accumulation prior to the United States’ SBR proposal. However, the pace of its accumulation increased just days before President Trump formally announced the SBR on March 2, 2025, with the Executive Order being signed on March 6, 2025. In this context, the U.S. is reported to possess 198,109 BTC, amounting to around $16.71 billion, establishing itself as the largest governmental bitcoin custodian.
The United Kingdom holds the second position with 61,245 BTC, valued at about $5.17 billion, having acquired its holdings primarily through criminal confiscations rather than a strategic reserve initiative. North Korea sits directly behind the U.K. in these rankings, surpassing both Bhutan and El Salvador. Bhutan possesses 10,635 BTC, worth approximately $897.60 million, while El Salvador’s reserves total 6,117 BTC, valued at around $516.11 million.
The timing of North Korea’s bitcoin acquisition raises questions about potential motives. This coinciding period with the U.S. SBR launch may suggest that Kim Jong Un is leveraging digital currency strategically within geopolitical frameworks. While the United States is framing its reserve as a tactical move, North Korea appears to operate from a more concealed approach, transforming stolen digital assets into a means of exerting influence.
In conclusion, North Korea has emerged as a significant player in the global cryptocurrency landscape, positioning itself as the third-largest government holder of bitcoin. As the United States launches its Strategic Bitcoin Reserve, North Korea’s accumulation of digital currency through illicit means highlights the complex interplay between national policy and cybercriminal activities. This situation raises important considerations regarding the future of digital assets and international relations.
Original Source: news.bitcoin.com
