North Korea’s Ascendancy in Bitcoin Holdings Amid U.S. Reserve Plans

North Korea has become one of the top three holders of Bitcoin, largely due to the heists orchestrated by the Lazarus Group. As the U.S. announces plans for a Strategic Bitcoin Reserve, North Korea’s accumulation of BTC raises questions about its geopolitical motives. North Korea currently holds 13,562 BTC, surpassing Bhutan and El Salvador, but trailing behind the U.S. and the U.K.

As the United States prepares to launch a Strategic Bitcoin Reserve (SBR) prompted by President Trump’s Executive Order, North Korea has stealthily emerged as one of the top three global Bitcoin holders. This development raises concerns regarding the actions of a suspected North Korean hacking syndicate that has been illicitly amassing Bitcoin, thus converting digital theft into a national savings scheme.

North Korea’s position as the third-largest government Bitcoin holder is attributed to the activities of the Lazarus Group, a hacking organization linked to the North Korean regime. On February 21, 2025, this group executed a significant heist at Bybit, resulting in the theft of over $1.4 billion in cryptocurrencies, predominantly Ethereum, part of which was reportedly converted to Bitcoin. According to Arkham Intelligence data, the group currently possesses 13,562 BTC, valued at approximately $1.14 billion, effectively transforming cybercrime into a national asset.

North Korea’s accumulation of cryptocurrencies began well before discussions regarding the U.S. SBR gained traction. Interestingly, the timing of this accumulation accelerated just days prior to President Trump’s announcement about the SBR on March 2, 2025. He formalized the initiative by signing the Executive Order on March 6, 2025, thereby adding a complex layer to the international cryptocurrency landscape. Current reports indicate that the U.S. holds 198,109 BTC, equating to about $16.71 billion, making it the leading government Bitcoin holder.

The United Kingdom follows with 61,245 BTC (approximately $5.17 billion), having accumulated its holdings predominantly through criminal asset seizures, although it has not announced plans for its own SBR. North Korea’s substantial Bitcoin assets place it directly behind the U.K., surpassing Bhutan and El Salvador, which possess 10,635 BTC ($897.60 million) and 6,117 BTC ($516.11 million), respectively.

The synchronicity of North Korea’s Bitcoin accumulation with the U.S. announcement of the SBR prompts speculation regarding Kim Jong Un’s intentions in the evolving digital currency landscape. His administration appears to be leveraging cyber capabilities in a clever blend of economic ambition and geopolitical strategy. While the U.S. advocates for a strategic rationale behind its reserve, North Korea’s approach is enigmatic, focusing on using illicitly acquired resources as leverage in the global arena.

In conclusion, North Korea’s emergence as a significant Bitcoin holder amid the U.S.’s plans for a Strategic Bitcoin Reserve underscores the complexities of the global cryptocurrency landscape. By leveraging illicit cyber activities, North Korea has transformed stolen assets into a substantial national resource, illustrating the blurred lines between state strategy and criminal activity in the digital realm. Comparatively, the positions of other nations such as the U.S. and the U.K. reveal contrasting approaches to cryptocurrency management and policy, highlighting the ongoing geopolitical implications of digital currencies.

Original Source: news.bitcoin.com