North Korea has surpassed Bhutan and El Salvador in crypto holdings, becoming the fourth largest Bitcoin holder. CZ has sparked speculations about North Korea’s Bitcoin reserve plans.
North Korea has been using the notorious Lazarus Group to obtain different crypto coins. However, the country prefers to hold Bitcoin. For instance, in the most recent Bybit hack, though the hackers stole $1.4 billion in ETH, the latest reports reveal that the group converted most of the stolen funds to BTC.
Based on information from Arkham Intelligence, the well-known North Korean hackers Lazarus Group currently have 13,518 BTC. At the current price of Bitcoin, $83,263, North Korea’s Bitcoin holdings are worth an amazing $1.13 billion.
Lazarus Group Holds $1.12B in $BTC
Arkham reports that North Korea’s hacker group, Lazarus, controls 13,518 $BTC (~$1.12B).
This makes North Korea the third-largest state #Bitcoin holder, trailing only the US and UK. pic.twitter.com/CLLOHAgv7b
— 🔸BΞRIT🔸 (@Berit1p) March 17, 2025
Binance founder Changpeng Zhao has suggested that the country might start using Bitcoin as a backup currency. As a joke, CZ shared an X post and wrote, “Different ways to build a strategic crypto reserve.” This was in response to a post of the current BTC that North Korea holds.
CZ made fun of the idea that North Korea’s BTC hoarding is an unusual but successful way to build a Bitcoin reserve for the future. This could also mean the irony of the fact that North Korea, which is often seen as an island, is deliberately building up a large Bitcoin reserve. This sparked excitement in the crypto community.
With their hacking strategy, they could obtain more. However, the industry is developing more secure ways of preventing hacking.
Top nations BTC holders – What are the odds of having an SBR
The US is the leader in BTC holdings, with 198,109 BTC worth $16.47 billion. There are speculations that the US Strategic Bitcoin Reserve (SBR) will use the BTC currently at hand.
China and the UK are right behind them with 195,000 BTC ($16.18 billion) and 61,245 BTC ($5.1 billion), respectively. China is nowhere near making Bitcoin a strategic reserve. On the other hand, the U.K. hasn’t said anything about making its own SBR, but it has a lot of Bitcoin thanks to criminal forfeitures, which makes it one of the top users of Bitcoin.
North Korea is close behind and is controlled by Druk Holdings. It also beats El Salvador’s 6,117 BTC, which is worth $516.11 million right now. In fact, North Korea has more Bitcoin than El Salvador and Bhutan put together.
Arkham Intelligence data shows that Pyongyang’s crypto pile has been growing as of March 16, 2025. It started to grow long before the U.S. suggested its SBR.
It’s interesting that the haul reached a record high just days before President Trump hinted at the SBR on March 2, 2025, and made it official with an Executive Order on March 6, 2025.
This added a political layer to the crypto story. Is Kim Jong Un quietly trying to get a piece of the digital gold rush by combining his online skills with his knowledge of world politics? The US sees its store as a smart move, but North Korea likes to keep its plans secret, using stolen coins as a subtle way to gain power.
Two countries, one currency: a high-stakes dance of money and numbers where it’s hard to tell the difference between theft and statecraft.
El Salvador and Bhutan used to be in fourth and fifth place, with 10,634 BTC ($886 million) and 6,118 BTC ($509.5 million) in Bitcoin reserves, respectively. After the $1.4 billion Bybit hack, North Korea moved up to fourth place, passing Bhutan and El Salvador.
Meanwhile, the Bank of Korea rejected the idea of adopting the Bitcoin reserve in opposition to South Korean lawmakers’ proposal. The BoK said, “In the case of cryptocurrency market instability, transaction costs to cash out Bitcoins could rise drastically.”
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