Is Kim Jong-un accumulating satoshis? North Korea's bitcoin count surpasses El Salvador and Bhutan, while the US forms SBR

As the United States prepares to implement the Bitcoin Strategic Reserve (BSR) following an executive order from President Trump, North Korea has suddenly become one of the top three Bitcoin holders in the world. The unexpected turn of events coincides with allegations that a hacker syndicate with ties to the North Korean government is converting illicit funds into BTC, creating a secret national fund of sorts.

North Korea Ranks Third Among Top Government Bitcoin Holders

North Korea has reached new heights and is now considered one of the top government holders of Bitcoin (BTC), thanks to the actions of the state-affiliated hacker group Lazarus. On February 21, 2025, the group pulled off a massive heist on the Bybit platform, stealing over $1.4 billion in cryptocurrency, mostly in Ethereum, and subsequently exchanging some of the funds for BTC. According to Arkham Intelligence, the group now controls 13,562 BTC, equivalent to $1.14 billion, turning their cybercrime operations into a truly national "piggy bank."

US Bitcoin Stocks

The total BTC stocks held by the Lazarus Group as of March 16, 2025, according to Arkham Intelligence, show significant growth. Pyongyang's crypto holdings had already begun to increase before the US announced the concept of a Bitcoin Strategic Reserve (BSR). However, in an interesting twist, the accumulation process accelerated significantly just days before President Trump mentioned the idea of ​​a BSR on Sunday, March 2, 2025. Official confirmation came on March 6, 2025, when an Executive Order (EO) was signed, adding geopolitical tension to the already existing complexities of the digital currency space. Arkham reports that the US holds 198,109 BTC, worth a whopping $16.71 billion, making it the largest government holder of Bitcoin in the world.

Bitcoin Stocks in the UK

The UK is second with 61,245 BTC (worth about $5.17 billion). While the UK has made no official announcements about plans to create its own BTC, it has significantly increased its crypto assets through confiscation, giving it a strong position in the space.