Recently, two bitcoin wallets that had been inactive for over a decade transferred a total of 2,000 BTC, approximately valued at $180 million.
The coins had remained untouched since 2011 and 2012, a period when bitcoin’s price was below $15, in stark contrast to its current valuation nearing $90,000. A blockchain explorer confirmed the movement of these assets.
Casascius coins, physical collectibles embedded with private keys, were created by Utah-based entrepreneur Mike Caldwell starting in 2011. Issued in various denominations from 1 to 1,000 BTC, these coins were intended as offline cold storage solutions.
Each coin featured a tamper-evident holographic seal to secure the key underneath. Caldwell ceased the production of pre-funded coins in late 2013 following regulatory actions by the U.S. Financial Crimes Enforcement Network (FinCEN), which classified him as an unregistered money transmitter.
This regulatory scrutiny effectively concluded the Casascius project, leaving about 90,000 coins in circulation, most containing minor BTC amounts. A few, just six coins and 16 bars, were minted with a value of 1,000 BTC each.
The motives behind the recent transfers remain unclear—whether they were sales, internal reorganizations, or merely precautionary steps to maintain access. These movements may also relate to the deterioration of physical components.
Earlier this year, a Bitcointalk user claiming ownership of a 100 BTC Casascius bar reported challenges in importing the key into modern wallets after removing the hologram. He successfully transferred the funds, now worth approximately $9 million, into hardware storage.
