North Korea has emerged as one of the top government holders of Bitcoin, gaining ground amid U.S. preparations for a Strategic Bitcoin Reserve. The Lazarus Group’s cybercrimes have contributed to this rise, accumulating over 13,500 BTC. The U.S. and U.K. hold the largest reserves with North Korea now positioned just behind them, raising questions about the interplay between illicit activities and state strategy in the cryptocurrency arena.
As the U.S. prepares to launch a Strategic Bitcoin Reserve (SBR), North Korea has ascended to become one of the top three government holders of bitcoin (BTC). This rise coincides with the activities of a state-linked hacking group that has transferred illicitly gained funds into BTC, effectively transforming cybercrime into a form of state savings.
North Korea’s status as a major BTC holder stems from the Lazarus Group, which is connected to the North Korean regime. On February 21, 2025, the group executed a significant hack at Bybit, stealing over $1.4 billion in primarily ethereum. It later converted a portion of the stolen assets into BTC, accumulating a total of 13,562 BTC, valued at approximately $1.14 billion. This accumulation has turned cyber crime into a national asset for North Korea.
Additionally, North Korea’s cryptocurrency holdings have reportedly been increasing since before the U.S. initiated discussions regarding the SBR. Notably, just before President Trump officially signed the Executive Order on March 6, 2025, North Korea’s bitcoin stash was already on the rise, creating a curious link between its crypto gains and U.S. policy decisions.
Currently, the U.S. holds the most Bitcoin with a stockpile of 198,109 BTC worth about $16.71 billion, making it the largest government holder. The United Kingdom follows with 61,245 BTC, equivalent to around $5.17 billion, acquired primarily through criminal seizures rather than a formal reserve strategy. This places North Korea just behind the U.K., surpassing Bhutan’s 10,635 BTC and El Salvador’s 6,117 BTC holdings.
The coincidence of North Korea’s digital asset growth with the announcement of the U.S. SBR raises questions about Kim Jong Un’s strategy in the cryptocurrency landscape. It suggests a blend of cyber capability and geopolitical strategy. As Washington develops its reserve with clear objectives, North Korea’s maneuvering reveals a more shadowy approach, where the line between sanctioned investment and illicit acquisition fades in a complex game involving value and influence in the cryptocurrency domain.
In summary, North Korea’s emergence as a leading government holder of bitcoin highlights the interplay between cybercrime and state policy. Their significant accumulation of BTC, particularly in conjunction with the U.S.’s strategic moves in cryptocurrency, demonstrates both the challenges of international law in digital finance and the varied motivations underlying national crypto strategies. As governments navigate this evolving landscape, the distinction between legitimate economic strategy and illicit actions becomes increasingly complex.
Original Source: news.bitcoin.com
