The legendary “Physical Bitcoin” with a total value of over $120 million USD has just been activated after more than 13 years of dormancy, creating a wave of attention in the crypto community. The story becomes even more intriguing when former Mt. Gox CEO Mark Karpelès revealed that he once issued small-denomination physical Bitcoins as a form of direct reward for employees.
According to on-chain data, two Casascius coins containing 1,000 BTC each have been moved out of a dormant state that lasted over a decade. These are Bitcoin stored in physical form — coins or metal bars plated in gold, created during the early days of the market, with the private keys stored inside under hologram tamper-proof seals.
Their mechanism of operation is quite unique: to spend the BTC inside, the owner must peel off the seal. When the hologram is opened, the private key is exposed and can be used to transfer the assets onto the blockchain. This also means that collectible value of the sealed coins is often significantly higher than those that have been opened.
The Casascius coins were created by Mike Caldwell between 2011 and 2013, aiming to turn Bitcoin into a tangible asset for easier direct transactions. The products include coins and bars made of copper, silver, or gold-plated metals, each containing a private key card protected by tamper-evident hologram seals.
The issuance program ended in November 2013 after FinCEN determined that selling pre-loaded BTC coins constituted a money transmission activity and required legal regulation.
Karpelès stated that he does not hold the 1,000 BTC bars that have just been moved, but he previously owned many coins of 25 BTC and 1 BTC denominations during Mt. Gox’s peak, which he used as employee rewards. At the time of issuance, a 25 BTC coin was worth only a few hundred to tens of thousands of USD. At current market prices, just the 25 BTC is worth approximately 1.5 million USD — not including the significant collectible premium for sealed Casascius coins. It is not yet clear how many former Mt. Gox employees still hold these physical Bitcoin coins that have never been opened.
Vương Tiễn
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Rallies to Weekly High of $71,500 Amid Geopolitical Turmoil and Crypto-Specific Demand
Bitcoin has climbed 2.6 percent to approximately $71,500, reaching its highest level in a week, defying sharp declines in U.S. equities and a surge in oil prices past $100 per barrel amid escalating Middle East tensions.
CryptopulseElite10m ago
UK-listed company B HODL adds an additional $468,500 to its Bitcoin purchase
Gate News reports that on March 13, UK-listed company B HODL (ticker: $HODL) announced an additional capital deployment of $468,500 to continue purchasing Bitcoin.
GateNews32m ago
BTC drops below 71,000 USDT
Gate News bot message: Gate market data shows BTC has broken below 71000 USDT, current price 70988.1 USDT.
CryptoRadar47m ago
Ark Invest Discovers Over $480 Billion in Bitcoin Vulnerable to Quantum Computing Attacks
A new report from ARK Invest warns that approximately 6.9 million Bitcoin — equivalent to an estimated value of 483 billion USD at an average price of 70,000 USD — are at risk of being attacked by quantum computers in the future.
Risk from elliptic curve cryptography
This threat centers on the elliptic curve cryptographic system
TapChiBitcoin1h ago
Perp DEX Becomes Largest Battlefield on Blockchain, Derivatives Volume 10 Times Spot Trading Sparks Competition
Cryptocurrency derivatives trading volume has significantly surpassed spot trading, making perpetual futures decentralized exchanges (Perp DEX) a core battleground for blockchains. Major public chains including BNB Chain's Aster, Aptos's Decibel, and Hyperliquid have begun deploying Perp DEX to enhance liquidity and trading environments. However, liquidity tends to concentrate among a few dominant platforms. In the future, platforms offering unique yields may emerge as long-term winners.
MarketWhisper1h ago
