Casascius coins are physical metal collectibles created by Utah entrepreneur Mike Caldwell between 2011 and 2013.
Bitcoin News
Two physical Casascius coins holding 1,000 Bitcoin each were activated on Friday, moving a combined $180 million after more than 13 years of inactivity.
On-chain data shows one coin was minted in October 2012 when Bitcoin traded at $11.69, while the other dates to December 2011 when Bitcoin was valued at just $3.88. The earlier coin represents a theoretical return of approximately 2.3 million percent, not including minting costs.
Casascius coins are physical metal collectibles created by Utah entrepreneur Mike Caldwell between 2011 and 2013. Each contains an embedded piece of paper with a digital Bitcoin private key, covered by a tamper-resistant holographic seal. The coins and bars ranged from 1 to 1,000 Bitcoin denominations.
Caldwell suspended the project in late 2013 after receiving a letter from the Financial Crimes Enforcement Network over concerns that he may have been operating an unlicensed money transmitter business. That regulatory pressure effectively ended production, leaving around 90,000 coins in circulation.
Only 16 of the 1,000 Bitcoin bars and 6 of the 1,000 Bitcoin coins were ever minted, according to available records. The first person to redeem the private key by lifting the holographic sticker receives the full value, after which the coin no longer holds any Bitcoin value.
The purpose of the recent transfers remains unclear and could represent sales, internal reorganizations, or precautionary moves to preserve access. The movements may be linked to degrading physical components on the decade-old collectibles.
In July, a 100 Bitcoin Casascius coin owner who moved his stash from a physical coin to a hardware wallet told Cointelegraph the transfer was about staying safe rather than cashing out. He said having 100 Bitcoin is life-changing for anyone, but after holding it for so long, the move was more about security than suddenly getting rich.
A similar case earlier this year involved a user on Bitcointalk claiming to own a 100 Bitcoin Casascius bar who reported difficulties importing the key into modern wallets after peeling the hologram. He eventually moved the funds, now worth about $9 million, to hardware storage to ensure continued access.
The recent activations highlight ongoing challenges with physicalbitcoin collectibles as aging materials and evolving wallet technology create compatibility issues for long-term holders.
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