After the Royal Government of Bhutan quietly rearranged portions of its bitcoin holdings—holding 7,486 BTC on May 2—some 4,576 BTC has since returned to its reserves, bringing the kingdom’s total stash to 12,062 BTC ten days later. Meanwhile, North Korea’s Lazarus Group has been actively trimming its holdings, falling below Bhutan in the hierarchy of nation-state bitcoin reserves.
Bitcoin Nation-State Rankings Shift as North Korea Slips
Roughly 57 days ago, North Korea ranked as the third-largest sovereign bitcoin holder. On March 16, Kim Jong Un’s Lazarus Group—an infamous hacking unit tied to the regime—held 13,562 BTC. Since then, the hacking group’s digital war chest has thinned, placing Bhutan ahead.
The Lazarus-controlled holdings have dwindled by 5,749 BTC over nearly two months. Arkham Intelligence data pegs North Korea’s bitcoin holdings at 7,813 BTC as of May 12. 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.
Top five nation states in terms of BTC holdings.
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. While North Korea has slipped 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 holds 6,174 BTC—leaving Pyongyang with a 1,639 BTC edge, at least temporarily. Lazarus-controlled bitcoin wallets are distributing bitcoin to unknown wallets every day so the El Salvador-North Korea flippening is closer than we think.
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, opting instead for 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.
