A Casascius physical bitcoin minted in 2011 was redeemed this week by its holder, with the associated wallet's 25 BTC transferred on-chain. At current prices, this Bitcoin is worth approximately $1.78 million.
25 BTC have been transferred out
On-chain data shows that this wallet has executed its first transaction since its creation. The private key embedded in this physical coin originally corresponded to 25 bitcoins, which were worth less than $100 when the coin was created in December 2011.
Information disclosed by Casascius Tracker and Galaxy Research indicates that this physical coin belongs to the Casascius Physical Bitcoins issued between 2011 and 2013. After opening the tamper-evident holographic sticker, the holder can view the private key and transfer the corresponding BTC to their on-chain address.
Early Bitcoin collectibles
Casascius physical coins were introduced by Bitcoin early developer and enthusiast Mike Caldwell, initially serving as tangible representations of the Bitcoin concept. Each coin features a unique address and comes in denominations ranging from 0.1 BTC to 1,000 BTC.
As the price of Bitcoin has risen over the years, these physical coins have gradually transformed from souvenirs into high-value collectibles. Even before redemption, their secondary market prices typically exceed the value of the Bitcoin they contain; some empty coins that were never funded have sold for hundreds of dollars.
In recent years, the number of redemptions has increased.
In recent years, holders have continued to open and cash in these physical coins, but the overall pace remains below the levels seen at the end of 2017 and beginning of 2018, when Bitcoin first approached $20,000 and cash-in activity notably surged.
In October last year, when Bitcoin reached a historic high of $126,080, a total of 46 Casascius physical coins were redeemed, with denominations ranging from 0.5 BTC to 25 BTC. The highest-denomination coin was worth approximately $3.15 million at the time.
Last month, at least one more 25 BTC physical coin was redeemed. In late April, three additional physical coins of the same denomination were redeemed.