2,000 BTC Casascius Coins Awaken After 13 Years, Worth $179M
Two long-inactive Casascius coins, each representing 1,000 Bitcoin, were activated on Friday, moving more than 2,000 BTC valued at over $179 million after being untouched for more than 13 years, according to on-chain data.
Blockchain records show one coin was minted in October 2012, when Bitcoin traded at $11.69, while the other dates back to December 2011, when the price was $3.88. The latter implies a theoretical gain of about 2.3 million percent, excluding minting costs.
Background on Casascius coins
Casascius coins are physical metal coins and bars created by Utah entrepreneur Mike Caldwell and produced between 2011 and 2013. Each piece contains a paper insert with a private key linked to a specific Bitcoin amount and is sealed with a tamper-evident hologram. Denominations included 1, 5, 10, 25, 100, 500, and 1,000 BTC, and they are regarded as notable physical Bitcoin collectibles.
Caldwell halted production after receiving correspondence from the Financial Crimes Enforcement Network (FinCEN) concerning potential unlicensed money transmission activity.
How Casascius coins work
According to available records, only 16 of the 1,000 BTC bars and 6 of the 1,000 BTC coins were produced.
The first individual to access the private key by removing the holographic seal can claim the full Bitcoin amount; once redeemed, the physical item no longer carries on-chain value.
Redeeming a Casascius coin into its Bitcoin equivalent does not necessarily signal immediate selling pressure, as movements can reflect changes in storage, security, or accessibility preferences.
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