A physical Casascius Bitcoin containing 25 BTC — worth about $1.78 million at current prices — was redeemed on Wednesday, ending more than 12 years of dormancy. The owner peeled the tamper-evident hologram on the back of the Series 1 coin to reveal the private key, then swept the funds to a new address, permanently destroying the collectible’s numismatic value.
The redemption was flagged by Galaxy Research, which noted the coin’s public address (1tLPQwd6wjvZpreivwHsEuU2ceSv6zaon) had been dormant since its creation in December 2011. Data shows the 25 BTC were transferred inside Bitcoin block 952,159, marking the latest in a series of rare Casascius cash‑ins.
Casascius coins were minted from 2011 to 2013 by software engineer Mike Caldwell as physical tokens carrying real Bitcoin. They came in denominations from 0.5 to 1,000 BTC. Each piece had its receiving address printed on the front while the corresponding private key was hidden behind a holographic seal — a feature that made them both functional Bitcoin wallets and sought-after collectibles. When the hologram is peeled, the coin loses its collectible status and reverts to pure Bitcoin exposure.
Caldwell halted production in late 2013 after the U.S. Financial Crimes Enforcement Network (FinCEN) informed him that he was acting as an unlicensed money transmitter. Despite this, intact Casascius coins continue to trade at a premium over their face Bitcoin value on secondary marketplaces like eBay, driven by their scarcity and historical significance. Fewer than 20 of the 1,000‑BTC coins were ever made; most remain unredeemed and would now hold roughly $66 million in Bitcoin at today’s valuation.
This week’s redemption comes amid unusual activity at the dormant end of Bitcoin’s UTXO set, including a 2011-era wallet moving 35 BTC after 15 years of inactivity. The Casascius tracker indicates that about 236 of the 345 Series‑1 25‑BTC coins have now been peeled. Redemptions spiked during previous bull runs — notably in October 2025 when Bitcoin hit an all-time high of $126,080, triggering the cashing‑in of 46 coins worth up to $3.15 million at the time.
