Talk about a blast from the crypto past. Two Casascius coins, each holding 1,000 Bitcoin, were moved Friday, unlocking a combined value of $180 million after sitting dormant for over 13 years.
Here’s the kicker: one coin was minted in October 2012 when Bitcoin traded at $11.69, and the other in December 2011 at just $3.88. That means the earlier coin has seen a theoretical return of roughly 2.3 million percent, not even counting the cost of minting.
For those unfamiliar, Casascius coins are physical Bitcoin collectibles created by Utah entrepreneur Mike Caldwell between 2011 and 2013. Each coin contains a digital Bitcoin private key hidden under a tamper-proof hologram, with denominations ranging from 1 to 1,000 BTC.
Caldwell ended production in late 2013 after regulatory pressure from the Financial Crimes Enforcement Network, leaving about 90,000 coins in circulation.
Here’s a wild fact: only 16 of the 1,000 Bitcoin bars and 6 of the 1,000 Bitcoin coins were ever minted. When the hologram is lifted and the private key redeemed, the coin loses all Bitcoin value, making these collectibles rare and historically significant.
The purpose of these recent transfers is still a mystery—it could be sales, internal moves, or simply a precaution to preserve access as aging materials degrade. In fact, previous cases show long-term holders moving coins to hardware wallets for safety, not cashing out.
One 100 BTC coin transfer earlier this year was all about security, with the owner saying it’s life-changing to hold so much Bitcoin, but safer storage matters more than instant liquidity.
The big picture? These movements highlight the ongoing challenges of physical Bitcoin collectibles. Aging materials, evolving wallet technology, and compatibility issues make long-term storage tricky—but for those who held onto Casascius coins, the payoff can be astronomical.
