From $500 to $10M: Bitcoin Whale Cashes Out Legendary Casascius Gold Bar

Talk about holding your nerve—and your hardware. A mystery Bitcoin pioneer just turned a decade-old $500 gamble into a $10 million payday by cracking open one of the rarest trophies in crypto history: a physical Casascius bar loaded with pristine BTC.

The ultimate HODLer flex

These collector's items—actual gold-plated bars with embedded private keys—were minted by early Bitcoin evangelist Mike Caldwell between 2011-2013. Most got emptied years ago when BTC was still crawling out of single digits. But this bar? Slept like a vault until last week's blockchain transaction exposed its fortune.

Wall Street bankers clutching their 2% CDs just felt a disturbance in the force. Meanwhile, the anonymous holder proves again that in crypto, the craziest bets often age like fine wine—assuming you don't panic-sell during the hangovers.

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.