Bitcoin holder unlocks $10 million from rare Casascius bar bought for $500

Rare Casascius bar redemption showcases a 2,000,000% return on a 2012 Bitcoin investment.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

A long-time Bitcoin holder has finally cracked open one of the rarest physical Bitcoin collectibles in existence—a Casascius bar loaded with 100 BTC.

The collector, who goes by the name John Galt on the Bitcoin Talk forum, originally bought the bar in 2012 for just $500. 13 years later, he redeemed it when the top crypto crossed the $100,000 mark, unlocking a fortune now worth over $10 million.

In effect, he saw a return of nearly 2,000,000% on his modest 2012 investment.

According to Galt, the decision to redeem wasn’t easy, as he had struggled considerably with the pressure of holding a single object worth millions.

He also highlighted his past struggle to sell the physical coin and his reluctance to settle for less than Bitcoin’s digital value.

He wrote:

“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

Casascius physical bitcoins, first minted in 2011 by Mike Caldwell, are among the most iconic collectibles in crypto history.

The bars and coins, embedded with real BTC, came in denominations from 0.1 to 1,000 BTC. Over time, they became coveted artifacts for collectors and early adopters alike.

According to the website:

“Each Casascius Bitcoin is a collectible coin backed by real Bitcoins embedded inside. Each piece has its own Bitcoin address and a redeemable “private key” on the inside, underneath the hologram.”

However, production halted in 2013 after the US Financial Crimes Enforcement Network (FinCEN) classified Caldwell’s operation as a money transmission service.

Despite that, the coin’s value has continued to rise in monetary and historical value. Notably, physical coins maintain collector value and often sell on secondary markets like eBay for as much as $20,000.

To date, more than 10,000 Casascius coins have been redeemed, with over 18,000 still active or unclaimed, according to casasciustracker.com.