Between 2011 and 2013, a man named Mike Caldwell created physical coins associated with Bitcoin called Casascius Coins, featuring different amounts and rarities. Two of them, each containing 1,000 BTC, have just been reactivated after 13 years of dormancy.
Two Casascius Coins worth 1,000 BTC resurface
Since its creation in 2009, Bitcoin has often been criticized for its intangible nature. This is a reality that Mike Caldwell, a software engineer from Utah who goes by the pseudonym Casascius, attempted to address in 2011 with the creation of his famous Casascius Coins.
In fact, each of these metal coins represents real bitcoins embedded inside, in the form of a private key hidden and protected by a hologram to guarantee their immobility. There are several types, with different amounts and specificities, such as the metal used, which can represent a certain amount of gold.
While some, made of brass, contain only 1 BTC, it is the rarer coins that have just come back to life after more than 13 years of dormancy. Indeed, transfers involving two Casascius Coins of 1,000 BTC from 2011 and 2012 have recently appeared on the blockchain, according to information shared by the X Documenting Bitcoin account. Estimated value: over $180 million.
Two Casascius bitcoin, each holding 1,000 bitcoin, have just moved after sitting untouched for more than 13 years. Casascius coins are ‘physical bitcoins’ from the early days, containing a private key hidden under a tamper-evident hologram that can be redeemed on the blockchain. pic.twitter.com/mBZsRXcRP6
— Documenting ₿itcoin 📄 (@DocumentingBTC) December 5, 2025
Two Casascius bitcoins, each containing 1,000 BTC, have just moved after remaining untouched for over 13 years. Casascius coins are early “physical bitcoins” containing a private key hidden under a tamper-proof hologram that can be exchanged on the blockchain.
Documenting Bitcoin
There is still $1.6 billion in BTC to be unlocked
Between 2011 and 2013, these Casascius Coins were sold at the BTC price at the time of their creation, with a premium added based on their specific features and rarity. For the 1,000 BTC “Gold Cas” models involved in this case, their price was therefore around $5,000 in December 2011 and $12,000 in October 2012.
At the time of writing, the Casascius Tracker website shows that 10,260 BTC appear to have been redeemed, compared to 17,678 still considered “active” in their cold wallets, equivalent to $1.6 billion still dormant since that time.
It is worth noting that the production of Casascius Coins ceased in November 2013, almost exactly when Bitcoin first exceeded $1,000. The reason for this suspension at the time was a complaint from FinCEN, which considered that these pre-loaded BTC coins allowed money transfers to be made that were subject to anti-money laundering (AML) rules.
Another noteworthy fact: the opening of these Casascius Coins at 1,000 BTC should allow their holders to claim certain cryptocurrencies associated with Bitcoin forks, such as Bitcoin Cash (BCH), representing an additional profit of almost $600,000 per unlocked coin.
