As the U.S. launches a Strategic Bitcoin Reserve (SBR) following President Trump’s Executive Order, North Korea has stealthily become one of the top three global bitcoin holders. This development is linked to suspected cyber heists by a hacking group believed to be state-sponsored, converting illicit earnings into BTC and establishing a shadowy national savings account.
North Korea’s Rise to Third Largest Government Bitcoin Holder
North Korea has quietly climbed to be a top government holder of bitcoin (BTC), primarily due to the Lazarus Group, a hacking collective associated with the state. On February 21, 2025, the group executed a stunning heist at Bybit, stealing over $1.4 billion in cryptocurrencies—predominantly ethereum—and converted part of that into BTC. According to Arkham Intelligence, the syndicate now holds 13,562 BTC, valued at about $1.14 billion, effectively turning cybercrimes into a national reserve.
As of March 16, 2025, data from Arkham Intelligence shows the U.S. holds 198,109 BTC, worth approximately $16.71 billion, thereby establishing itself as the largest government bitcoin holder. The United Kingdom follows with 61,245 BTC (around $5.17 billion), amassing crypto through criminal confiscations but not indicating plans for a similar reserve. This positions North Korea in third place, surpassing Bhutan and El Salvador. Bhutan, managed by Druk Holdings, has 10,635 BTC ($897.60 million), while El Salvador’s holdings amount to 6,117 BTC, valued at $516.11 million.
The timing of North Korea’s ascent in the cryptocurrency landscape coincides intriguingly with the U.S. unveiling its SBR. Could Kim Jong Un be leveraging crypto for strategic advantages? While Washington portrays its reserve as strategic, Pyongyang’s approach leans heavily on clandestine activities, converting stolen assets into influence. Two nations, one cryptocurrency: a complex interplay of ambition and illicit gains.
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