After the Royal Government of Bhutan quietly rearranged portions of its bitcoin holdings—holding 7,486 BTC
After the Royal Government of Bhutan quietly rearranged portions of its bitcoin holdings—arriving at a total of 7,486 BTC on May 2—some 4,576 BTC has since cycled back into its reserves, inflating the kingdom’s stash to 12,062 BTC ten days later. Meanwhile, North Korea’s Lazarus Group has been actively trimming its bitcoin holdings, slipping below Bhutan in the hierarchy of nation-state bitcoin reserves.
About 57 days ago, North Korea ranked as the third-largest sovereign bitcoin holder. On March 16, Kim Jong Un’s hackers—known as Lazarus Group—had 13,562 BTC in its possession. But since then, the hacking group’s digital war chest has diminished as its bitcoin holdings fell below 8,000 BTC.
The Lazarus-controlled holdings have dwindled by 5,749 BTC over nearly two months. Arkham Intelligence data as of Friday pegs North Korea’s bitcoin at 7,813 BTC. In comparison, the United States leads by a wide margin, with federal reserves totaling 198,012 BTC—valued at $20.38 billion based on Monday’s prevailing exchange rate.
The United Kingdom claims second place, managing 61,245 BTC worth $6.29 billion, while Bhutan, after re-shuffling last week, now rounds out the top three with its 12,062 BTC stockpile. As North Korea slips into fourth position, its current reserves still exceed those of El Salvador.
If Lazarus-linked wallets continue to shed BTC, the nation could descend another rank. For now, El Salvador has 6,174 BTC—leaving Pyongyang with a 1,639 BTC edge, at least in the short term.
Pyongyang’s hacking group holds a diverse portfolio of digital assets, including $8.98 million in ETH, yet none approach the sheer value commanded by its bitcoin cache.
As the global landscape of sovereign bitcoin holdings shifts, Bhutan’s strategic accumulation contrasts sharply with North Korea’s rapid divestment.
Though the U.S. and U.K. continue to hold commanding leads, the Lazarus Group’s steady depletion of reserves suggests that Kim Jong Un’s regime may lack any strategic appetite for maintaining a bitcoin position and is instead focused on swift liquidation. As daily outflows persist, Pyongyang’s retreat seems all but certain—potentially clearing the way for smaller players like El Salvador to climb the crypto sovereign ranks.
