Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more than $179 million that had lain untouched for more than 13 years.
According to onchain dataOne of the coins was minted in October 2012 when Bitcoin was trading at $11.69. The other dates back to December 2011, when BTC was worth $3.88, giving that piece a theoretical gain of almost 2.3 million% since it was minted.
Historical physical coins activated
Based on reports, Casascius coins (metal coins) were produced by Utah entrepreneur Mike Caldwell between 2011 and 2013 as physical representations of Bitcoin. Each coin or bar concealed a piece of paper containing a private key, and a tamper-proof hologram covered that key.
Two Casascius coins, each worth 1,000 BTC, have just been moved after being inactive for over 13 years. pic.twitter.com/nlFUy39MkD
—Sani | TimechainIndex.com (@SaniExp) December 5, 2025
Records show that only 16 of the 1,000 BTC bars and 6 of the 1,000 BTC coins were ever created, making these items both rare and historically important.
Caldwell shut down the operation after receiving a letter from FinCEN that raised questions about whether his company qualified as an unlicensed money transmitter.
How the coins worked
The mechanism was simple in practice, but strict in the outcome: whoever removed the hologram and revealed the private key could lay claim to the entire Bitcoin value stored underneath.
Once that sticker was removed and the private key used, the coin no longer had any Bitcoin value. Based on reports, collectors consider that moment irreversible. Some owners chose to withdraw money from the physical coins without paying out.
Rarity and return
Figures here show why collectors and investors are keeping a close eye on these events. Two 1,000 BTC coins each represent a huge treasure when prices are high. Even ignoring the cost of minting, the December 2011 coin’s rise from $3.88 to its current market value yields a headline-making multiple.
But experts warn that converting the private key into spendable Bitcoin is just the first step; what happens next depends on the holder’s choices. Some will endure. Others may move money into cold storage. Sales are not guaranteed.
Derivatives market shock
Meanwhile, the spot and derivatives markets are experiencing high volatility. Based on CoinGlass data, current derivatives activity showed growth of 11,588%. liquidation imbalance overwhelmingly wiping out long positions.
Bitcoin was trading at the time of writing under $90,000and over $20 million in long liquidations of BTC took place in minutes, while short positions barely made a move. That kind of one-sided pressure arises when many traders are in the same direction and conditions change quickly.
Featured image from Unsplash, chart from TradingView