A Casascius Physical Bitcoin coin, Series 1 with a face value of 25 BTC, was redeemed on-chain on June 2, 2026, for the first time since its creation in December 2011. The coin's private key, hidden behind a tamper-evident hologram, was revealed and swept to access approximately $1.78 million worth of Bitcoin. Created by Mike Caldwell from 2011 to 2013, these physical coins were originally intended as conversation starters about Bitcoin. According to Casascius Tracker, out of 345 Series 1 coins minted, 236 have now been redeemed. Redemption activity has slowed compared to late 2017/early 2018 when Bitcoin first approached $20,000, and last October saw 46 coins redeemed during Bitcoin's all-time high of $126,080. This redemption was tracked by Galaxy Research and Casascius Tracker.

Key facts

• Casascius Series 1 25 BTC coin redeemed for first time since 2011.
• Coin's private key revealed, sweeping 25 BTC (~$1.78M).
• Out of 345 minted, 236 Series 1 coins have been redeemed.
• Redemption activity lower than in late 2017 and late 2025.

KeyAudit data perspective