Bitcoin (BTC) has become a favored store of value despite its notorious volatility.
With governments now holding billions in BTC, China potentially selling its holdings, and the U.S. establishing a Bitcoin Strategic Reserve, Bitcoin’s role in the global economy is evolving.North Korea (Lazarus Group)
North Korea’s state-sponsored Lazarus Group has cemented the nation’s status as one of the world’s largest Bitcoin holders following its latest high-profile heist.
According to Arkham Intelligence, the hacking group now holds 13,518 BTC—worth approximately $1.13 billion—after years of orchestrating some of the most notorious crypto breaches.The group’s latest attack, the February 2025 Bybit hack, stands as the largest crypto theft in history, with Lazarus reportedly stealing and laundering $1.4 billion from the exchange.
These holdings, presumed to be controlled by the North Korean government, now exceed the Bitcoin reserves of El Salvador and Bhutan, further underscoring Pyongyang’s reliance on crypto-related cybercrime.El Salvador
El Salvador’s government-mandated Bitcoin policies and infrastructure are scheduled to be rolled back to secure a $1.4 billion loan from the International Monetary Fund (IMF).
Notably, this includes ceasing its “1 BTC everyday” purchases—made specifically with taxpayer funds—by July 2025.
Having acquired 40 BTC in the past 30 days, El Salvador is seemingly working to get ahead of that deadline with higher-than-average purchases in the past month.Now, El Salvador holds a sturdy 6,118.18 BTC worth $510.67 million at a dollar cost average of $46,657.
This has yielded El Salvador a tidy—albeit unrealized—profit of $119.77 million.China Bitcoin Liquidations
China may have offloaded its 194,000 BTC stash seized from the 2019 PlusToken scam, dropping it entirely from the global rankings if confirmed.
On-chain analysis has revealed that these tokens were sent to crypto mixers before being sent to centralized exchange addresses, suggesting that a sale has taken place.
At present, it is unknown if this gigantic haul of BTC worth $16.2 billion has been sold.Bitcoin-Holding Countries
A list of the top Bitcoin-holding governments in 2024, per data gathered from Arkham Intelligence and Bitcoin Treasuries: