Rare physical bitcoin worth $1.78M cashed in after 12 years
A Casascius coin containing 25 BTC, worth $1.78 million, had its hologram seal removed and the funds transferred to a new wallet, marking one of the largest physical bitcoin redemptions.
A rare physical bitcoin from the legendary Casascius mint, containing 25 BTC worth approximately $1.78 million at current prices, has been redeemed after 12 years. The coin's hologram seal was removed on Wednesday, and the private key was swept, transferring the funds to a new wallet.
The Casascius coins were created by software engineer Mike Caldwell between 2011 and 2013, with denominations ranging from 0.5 to 1,000 BTC. Each coin displayed the receiving bitcoin address on the outside, while the private key was hidden under a tamper-evident hologram. This particular coin was a 25 BTC face value token, and its redemption represents one of the largest physical bitcoin sweeps on record. For crypto traders, such events are notable because they reduce the supply of collectible physical bitcoins, which are often held as long-term stores of value. The removal of these coins from circulation can be tracked via on-chain data, and traders can monitor similar movements on NowPrice's live crypto dashboard.
Looking ahead, the redemption may prompt other holders of Casascius coins to consider cashing in, especially with bitcoin prices near recent highs. The market will watch for any further sweeps of these rare tokens, which could signal shifting sentiment among early adopters. Additionally, the event highlights the enduring legacy of physical bitcoins in the crypto ecosystem, even as digital wallets dominate today's landscape.