El Salvador Becomes Fourth-Largest Sovereign Bitcoin Holder

In a significant shift in the global Bitcoin landscape, El Salvador has officially surpassed North Korea’s Lazarus Group to become the fourth-largest sovereign Bitcoin holder. This development follows the Lazarus Group’s liquidation of nearly 2,000 BTC over the past two weeks, altering the rankings of nation-state Bitcoin reserves.

The Numbers
Two weeks ago, Lazarus Group controlled 7,813 BTC, valued at approximately $856 million. Since then, the group has sold off 1,938 BTC, amounting to a decrease of over $212 million. The remaining holdings stand at 5,875 BTC, currently worth around $645 million. Meanwhile, El Salvador has increased its position to 6,188 BTC, valued at approximately $678.55 million, according to Arkham Intelligence’s onchain data.

Global Bitcoin Rankings
Here is the latest breakdown of sovereign Bitcoin holders:

• United States leads with 198,012 BTC, valued at over $21 billion
• United Kingdom holds 61,245 BTC, valued at over $6.7 billion
• Bhutan is in third with 11,879 BTC, valued at around $1.3 billion
• El Salvador secures the fourth spot with 6,188 BTC, worth approximately $678.5 million
• Lazarus Group of North Korea now holds 5,875 BTC

Additional Holdings of Lazarus Group
Beyond Bitcoin, the Lazarus Group also holds approximately $7.84 million in Tether (USDT) and $7.61 million in Ethereum, equivalent to roughly 2,972 ETH. The specific destinations of the group’s Bitcoin transfers remain unclear, though onchain analysts continue to track the movements closely.

Dispersal Strategy
Analysts note that much of the stolen Bitcoin has been split into smaller chunks and distributed across thousands of newly generated wallet addresses. Historically, such funds tend to remain dormant for a time before resurfacing in future transactions.

Final Thoughts
El Salvador’s ascent in the global Bitcoin rankings highlights the country’s steadfast commitment to its Bitcoin strategy, while the Lazarus Group’s reduction raises questions about the future of North Korea’s digital asset reserves. As the market continues to evolve, these dynamics remain crucial for investors and observers to monitor.