Two long-dormant bitcoin wallets associated with physical Casascius coins have recently come to life, transferring a total of 2,000 BTC, valued at approximately $180 million. These coins had remained untouched since 2011 and 2012, a time when bitcoin prices were significantly lower, trading for less than $15 compared to nearly $90,000 today. The movements were documented by a blockchain explorer, which confirmed the activity on the addresses.
Casascius coins, created by Utah entrepreneur Mike Caldwell starting in 2011, are unique physical collectibles that contain embedded private keys. They were intended to function as offline cold storage solutions and were issued in various denominations, ranging from 1 to 1,000 BTC. Each coin featured a tamper-evident holographic seal, safeguarding the private key underneath.
The production of pre-funded Casascius coins came to an abrupt halt in late 2013 following regulatory scrutiny from the U.S. Financial Crimes Enforcement Network (FinCEN), which categorized Caldwell as an unregistered money transmitter. This regulatory pressure effectively brought the Casascius project to an end, leaving around 90,000 coins in circulation, many containing relatively small amounts of bitcoin. Notably, only six coins and 16 bars were made in the highest denomination of 1,000 BTC.
The motives behind the recent transfers remain uncertain. They could represent sales, internal redistributions, or precautionary measures to ensure continued access. There is speculation that the transfers may also be connected to concerns over the physical integrity of the coins, given their age.
Earlier this year, a similar scenario unfolded when a user on Bitcointalk, claiming ownership of a 100 BTC Casascius bar, faced challenges with importing the key into contemporary wallets after removing the hologram. Ultimately, the user managed to transfer the funds—now valued at about $9 million—into more secure hardware storage.
This notable movement of bitcoin underscores the continuing evolution in how long-held assets can be managed and provides a glimpse into the legacy of Casascius coins in the cryptocurrency world.
