North Korea has stealthily risen to become one of the top government holders of Bitcoin (BTC), largely due to the exploits of the Lazarus Group, a state-linked hacking crew. On February 21, 2025, the group executed a stunning heist at Bybit, snagging over $1.4 billion in cryptocurrency—mostly Ethereum—before converting a portion into BTC. According to Arkham Intelligence, the syndicate now holds 13,562 BTC, valued at $1.14 billion, effectively transforming cybercrime into a national treasury.

Is Kim Jong Un stacking sats? North Korea’s Bitcoin hoard now surpasses that of El Salvador and Bhutan, even as the U.S. Strategic Bitcoin Reserve (SBR) takes shape. Data from Arkham Intelligence, tracked as of March 16, 2025, highlights Pyongyang’s growing crypto pile, which began accumulating well before the U.S. proposed its SBR. Curiously, the haul spiked just days before President Trump hinted at the SBR on March 2, 2025, and formalized it with an Executive Order on March 6, 2025, injecting a layer of geopolitical spice into the crypto saga. The U.S. leads the pack with 198,109 BTC—worth $16.71 billion—securing its spot as the world’s largest government Bitcoin holder.

The United Kingdom takes second place with 61,245 BTC, valued at approximately $5.17 billion. Though the U.K. hasn’t signaled plans for its own SBR, it has amassed a significant stash through criminal forfeitures, cementing its rank among top BTC holders. North Korea follows closely behind, outpacing Bhutan’s 10,635 BTC ($897.60 million), managed by Druk Holdings, and El Salvador’s 6,117 BTC, now worth $516.11 million.

North Korea’s crypto ascent, perfectly timed with the U.S. SBR rollout, raises eyebrows. Is Kim Jong Un quietly vying for a piece of the digital gold rush, mixing cyber prowess with geopolitical strategy? While the U.S. positions its reserve as a calculated move, North Korea’s approach thrives in secrecy, turning pilfered coins into a subtle power play. Two nations, one currency: a high-stakes tango of value and digits, where the line between statecraft and theft blurs.