Someone Just Cracked Open a $1.78M Physical Bitcoin After Holding It for 12 Years

TLDR

• A rare 25-bitcoin Casascius physical coin from the 2011–2013 mint had its tamper-evident hologram removed this week.
• The 25 BTC inside, worth around $1.78 million, were moved on-chain for the first time in over 12 years.
• The redemption was confirmed in Bitcoin block 952,159, mined by AntPool, with a fee of just $2.79.
• Blockchain data shows only 0.01 BTC was sent out — the remaining 24.99 BTC stayed at the original address, suggesting the owner was testing the key.
• The event coincides with other dormant Bitcoin activity, including a 2011-era wallet that moved 35 BTC after 15 years.

A physical Bitcoin worth $1.78 million was cracked open this week for the first time in over a decade — here’s what happened and why it matters to collectors and crypto watchers.

What Is a Casascius Coin?

Casascius coins were physical tokens created by software engineer Mike Caldwell between 2011 and 2013. Each coin had a real Bitcoin private key hidden under a tamper-evident hologram on the back.

They came in denominations ranging from 0.5 BTC to 1,000 BTC. Caldwell minted fewer than 20 of the 1,000 BTC versions — each now worth around $66 million at current prices.

The coins were an early form of cold storage before hardware wallets existed. They were issued in materials ranging from solid brass to gold-plated savings bars.

Caldwell stopped producing them in late 2013. The U.S. Financial Crimes Enforcement Network told him he was operating as an unlicensed money transmitter.

The Redemption

On June 2, a 25-bitcoin Casascius coin from the original 2011–2013 mint had its hologram seal removed. The transaction was confirmed in Bitcoin block 952,159, mined by AntPool.

The redemption fee was just $2.79 — a small cost to unlock $1.78 million in Bitcoin.

The process is straightforward but irreversible. Peeling the hologram reveals a private key on a card inside. The owner then imports that key into a Bitcoin wallet to claim the funds. Once the hologram is removed, a permanent honeycomb pattern is left behind, and the coin loses its collectible status forever.

Blockchain data flagged by Galaxy Research shows the owner sent just 0.01 BTC to an external address. The remaining 24.99 BTC stayed at the original Casascius address.

This suggests the owner may have been testing the private key rather than moving the full amount.

What Intact Coins Are Worth

Intact Casascius coins typically sell for more than their face value in Bitcoin. Collectors pay a premium for the physical artifact when the hologram is still untouched.

By redeeming the coin, the owner converted a potentially higher-value collectible into straight Bitcoin. Thousands of Casascius coins remain unredeemed across all denominations.

The Casascius project also inspired other physical Bitcoin mints, including Lealana, Denarium, and BTCC. But Casascius remains the most collected by far.

Other Dormant Bitcoin Moving

This redemption comes during an unusual week for old Bitcoin wallets. A separate 2011-era wallet moved 35 BTC after sitting dormant for 15 years.

The identity of the Casascius coin owner remains unknown.

At the time of the redemption, Bitcoin was trading at around $65,219 — down about 3.3% in 24 hours.

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