El Salvador has moved a “big chunk” of its bitcoin holdings to a cold wallet, the country's President Nayib Bukele said.

Bukele wrote in a post on X on Friday morning Asia time that the cold wallet setup represents the country’s “first bitcoin piggy bank.”

"We've decided to transfer a big chunk of our Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory," he added.

The screenshot he posted alongside showed that the address had received 5,689.69 BTC, worth about $406 million at the time of the post. This amount is nearly double the holdings previously known from public trackers of the country's bitcoin holdings, estimated at $200 million.

Bukele had previously disclosed the country’s bitcoin holdings occasionally on social media …