One of the rarest Bitcoin-related physical collectibles in the world - a Casascius bar containing 100 BTC - has finally been redeemed by a long-time Bitcoin holder after a 13-year wait.
The action was taken by an active collector on the Bitcoin Talk forum, known by the pseudonym John Galt. When he bought the bar in 2012, Bitcoin was still a relatively new technology and few really believed it would be valuable in the long run. At the time, the bar cost him only $500.
By 2025, Bitcoin had surpassed $100,000. Now that same bar is worth over $10 million and has remained sealed and intact for more than a decade.
A Yield of 2,000,000% With Lots of Stress
Galt's story is one of perseverance, faith and also a good dose of nervousness. It is not easy to own a tangible object that holds millions of dollars in digital currency.
"I always thought Bitcoin could reach six figures," he wrote. "But living with a single bar of metal that could buy several houses was exhausting."
"I didn't want to redeem it, though. To me, a physical Bitcoin that wasn't redeemed was more valuable than just money. I tried to sell it a couple of times, but it's hard to sell something so valuable and you can't really trust just anyone. I even considered auctions, but I would get less than the value of Bitcoin itself. Now that it's worth over $10 million, I knew I couldn't just keep holding on to it. So yes... even though I was a bit hesitant, I finally redeemed it today," said John Galt.
Galt has repeatedly considered selling the bar itself rather than redeeming it. He explored offers on forums and collectors' sites. However, most buyers wanted a discount compared to the value of Bitcoins online. He did not like this.
He was not willing to accept anything less than the intrinsic digital value. So he waited. And he waited some more.
Until, finally, he decided to open it, after Bitcoin had passed the $100,000 mark.
The Inheritance Of Casascius
Galt owned a bar that was part of an extremely exclusive club. Mike Caldwell, a Bitcoin enthusiast, created authentic coins and bars with real Bitcoins stored inside, giving birth in 2011 to the physical Bitcoins Casascius.
Each Casascius piece contains a private key and a unique Bitcoin address, printed on paper and hidden behind a hologram. To redeem Bitcoins, simply scratch off the hologram and access the key.
The size of these coins and bars ranged from 0.1 BTC to 1,000 BTC. In the first Bitcoin community, they quickly became objects of great value.
However, in 2013 Caldwell was forced to stop production. The US authorities, through FinCEN, classified his business as a money transmission service, and regulatory difficulties forced him to stop.
In spite of this, the appeal of Casascius coins remained intact. Today, they are collectors' items; even those with less than one Bitcoin can sell for $20,000 or more on sites like eBay.
According to CasasciusTracker.com, over 10,000 Casascius pieces have already been redeemed. However, more than 18,000 coins and bars remain in circulation, either unredeemed or locked away in some drawer. That number continues to decrease. Moreover, each time one is redeemed, as Galt did, the value of the remaining ones increases.
Galt's redemption represents more than just a financial success: it is a historic moment in Bitcoin's evolution. In 2012, the digital currency was an experimental concept; in 2025, it has become a global digital asset.
It is also a reminder that there are still some early believers. Who resist. Who wait. And who sometimes finally manage to cash in.
