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
Maji Big Brother Enters Again, Going Long on BTC, ETH, and HYPE
The crypto market has regained activity, with renowned trader DJ Machi (Huang Li-cheng) re-entering the market to go long, increasing his bullish positions in Ethereum and Bitcoin. Despite floating profits exceeding $1.4 million, he still needs $27.7 million to break even. Facing past losses, his continued investment has become a market focal point.
ChainNewsAbmedia2m ago
A certain hedge fund whale has built a position of 45 million USD betting on a weakening ETH/BTC exchange rate, with current floating gains of 200,000 USD.
On March 17th, Hyperinsight monitored a hedge whale establishing BTC long positions and ETH short positions with 20x leverage, each approximately $22 million, totaling $45 million. Currently, the BTC long position shows an unrealized loss of $230,000, the ETH short position shows an unrealized gain of $420,000, with an overall unrealized gain of $200,000. This whale frequently hedges commodity positions through crypto holdings and favors short-biased strategies.
GateNews2m ago
MICA Daily | BTC Stable Above 30-Day Moving Average, Continues to Show Bullish Outlook
According to Binance data, Bitcoin's moving average convergence divergence indicator shows significant improvement in its price trend structure, with current trading price around $73,000, and moving averages in a divergent state, reflecting a market transition phase. Technical analysis indicates that the 30-day moving average is of high importance; if the price maintains above this moving average, it indicates buying support, otherwise it may enter a correction phase. Investors will judge the trend based on changes in moving averages.
区块客11m ago
Metaplanet Raises Additional $255 Million to Buy Bitcoin, Targets Full Increase to $531 Million
Japan's Metaplanet has recently raised approximately $255 million in new funding to increase its bitcoin holdings, with a target of holding 210,000 BTC before 2027. The company has become Japan's largest bitcoin holder and is further expanding its market exposure. This fundraising strategy includes premium share offerings and warrants, aimed at accelerating bitcoin accumulation and ecosystem development.
区块客15m ago
Bitcoin falls below 74,000 USDT, with an intraday decline of 1.22%
Gate News reports that on March 17, according to market data, Bitcoin fell below 74,000 USDT, currently trading at 73962.36 USDT, with a daily decline of 1.22%.
GateNews24m ago
BTC drops below 74,000 USDT
Gate News bot message: Gate market data shows BTC has broken below 74000 USDT, currently trading at 73998.8 USDT.
CryptoRadar25m ago
