Key Takeaways
- A rare Casascius bar loaded with 100 BTC, purchased for $500 in 2012, was redeemed for over $10 million in 2025.
- The owner faced significant emotional and logistical challenges in holding and redeeming such a valuable physical bitcoin collectible.
- Production of Casascius coins ended in 2013, but thousands remain unredeemed and hold both collector and monetary value.
A long-time bitcoin holder known as John Galt on the Bitcoin Talk forum has redeemed a rare Casascius bar containing 100 BTC, purchased in 2012 for just $500.
Upon bitcoin’s price surpassing $100,000, the redemption unlocked a windfall now valued at over $10 million—a staggering 2,000,000% return on investment.
Galt described the emotional and practical challenges of holding such a valuable item, sharing:
“I didn’t want to redeem it, though. To me, a physical Bitcoin that hasn’t been redeemed feels like it’s worth more than just the money. I did try to sell it a few times, but it’s hard selling something that valuable, and you really can’t trust just anyone. I even looked into auctions, but I’d be getting less than what the Bitcoin itself was worth.”
The legacy of Casascius physical bitcoins
First introduced by Mike Caldwell in 2011, Casascius physical bitcoins are iconic collectibles that embedded real BTC in bars and coins, ranging from 0.1 to 1,000 BTC.
Each piece holds a unique bitcoin address and a private key concealed beneath a hologram.
History
Production of Casascius coins ceased in 2013 after FinCEN categorized Caldwell’s work as money transmission.
Despite this, these artifacts have gained historic and monetary value, with active coins frequently selling for up to $20,000 on secondary markets.
Over 10,000 Casascius coins have been redeemed, while more than 18,000 remain unclaimed.
