North Korea’s Quiet Ascent in Bitcoin Holdings Amid U.S. Strategic Reserve Plans
North Korea has become a top three holder of Bitcoin, thanks to illicit gains from the Lazarus Group hacking syndicate, amid the U.S. announcing a Strategic Bitcoin Reserve. With 13,562 BTC valued at $1.14 billion, North Korea ranks just behind the U.K. and ahead of Bhutan and El Salvador in Bitcoin holdings. The timing of this rise coincides with geopolitical movements and suggests a blend of strategy and cybercriminality in the world of cryptocurrency.
As the United States prepares to establish a Strategic Bitcoin Reserve (SBR) due to President Trump’s Executive Order, North Korea has stealthily ascended to become one of the top three global holders of Bitcoin. This elevation is suspected to be the result of a hacking syndicate, attributed to the North Korean government, which has converted illicit profits into Bitcoin, effectively transforming gray market activities into national savings.
North Korea’s rise in the Bitcoin hierarchy is largely attributed to the Lazarus Group, a state-linked hacking organization. Recently, they executed an audacious heist at Bybit, stealing over $1.4 billion in cryptocurrencies, predominantly Ethereum, and later converting a portion into Bitcoin. Currently, the syndicate possesses 13,562 BTC, valued at approximately $1.14 billion, thus converting cyber crimes into a national asset.
Interestingly, North Korea’s accumulation of cryptocurrency began well before the SBR discussions arose in the United States. However, there was a notable acceleration in Bitcoin holdings close to the date when President Trump announced the SBR initiatives in March 2025. As reported by Arkham Intelligence, the United States now holds an impressive 198,109 BTC, translating to around $16.71 billion, making it the largest government Bitcoin holder.
The United Kingdom follows in second place with 61,245 BTC, valued at about $5.17 billion, though it has not signaled any intention to create its own SBR. This accumulation stems predominantly from criminal seizures, granting the UK a robust position in the cryptocurrency landscape. Consequently, North Korea ranks just behind the UK, surpassing Bhutan and El Salvador in terms of Bitcoin reserves. Bhutan controls 10,635 BTC valued at $897.60 million, while El Salvador’s holdings amount to 6,117 BTC, currently worth $516.11 million.
The synchronicity of North Korea’s Bitcoin accumulation with the U.S. formation of the SBR raises intriguing questions. Is Kim Jong Un strategically positioning himself within the burgeoning cryptocurrency landscape, fusing technical sophistication with political strategy? While the U.S. approaches its reserve as a calculated measure, North Korea seems to operate from the shadows, repurposing stolen assets for leverage. This scenario illustrates the complex interplay of cryptocurrency between policy and opportunism.
In conclusion, North Korea’s emergence as a significant holder of Bitcoin amidst the U.S. establishment of a Strategic Bitcoin Reserve underscores a complex interaction between geopolitics and cybercrime. While the U.S. aims to utilize Bitcoin strategically, North Korea’s approach, facilitated by the Lazarus Group’s illicit activities, raises questions about the ethics and intentions behind nation-state engagements with digital currencies. This evolving narrative continues to highlight the need for vigilance in the realm of cryptocurrency regulation and governance.
Original Source: news.bitcoin.com
