Two legendary Casascius coins, each holding 1,000 Bitcoin, moved on-chain Friday for the first time in over 13 years, totaling roughly $180 million.
One coin was minted in October 2012 when Bitcoin traded at just $11.69, while the other dates back to December 2011, when Bitcoin was valued at a mere $3.88. The earlier coin alone represents a staggering theoretical return of about 2.3 million percent, excluding minting costs.
Casascius coins are physical metal collectibles created by Utah entrepreneur Mike Caldwell between 2011 and 2013. Each contains a hidden private key covered by a tamper-proof hologram. Denominations ranged from 1 to 1,000 Bitcoin, making them both a piece of crypto history and a literal fortune.
Caldwell shut down production in late 2013 after the Financial Crimes Enforcement Network questioned whether he was operating an unlicensed money transmitter business. The regulatory push effectively ended the project, leaving roughly 90,000 coins in circulation. Only 16 of the 1,000 Bitcoin bars and 6 of the 1,000 Bitcoin coins were ever minted. Once the hologram is lifted and the key redeemed, the coin itself no longer holds any Bitcoin.
The reason for the recent transfers is unknown. They could be sales, internal reshuffling, or precautionary moves to safeguard access as the physical coins age. Degrading materials on decade-old collectibles are a real risk.
Earlier this year, a 100 Bitcoin Casascius owner moved his stash to a hardware wallet, citing security over cashing out. “Having 100 Bitcoin is life-changing, but after holding it so long, the move was about safety,” he told Cointelegraph. Another Bitcointalk user faced issues importing a 100 Bitcoin bar after peeling the hologram, eventually moving $9 million to modern storage.
These activations underscore the ongoing challenges of physical Bitcoin collectibles. Aging materials and evolving wallet tech make long-term storage increasingly tricky for holders of these historic coins.
