He Kept a $500 Physical Bitcoin Bar for 13 Years, Now It’s Worth Over $10 Million and Finally Redeemed

Rare $10 Million Bitcoin Bar Redeemed After 13 Years Of Secrecy

A Bitcoin holder known only as “John Galt” has unlocked one of the rarest crypto collectibles ever made — a 100 BTC Casascius bar — revealing its embedded fortune now worth more than $10 million.

Originally purchased in 2012 for just $500, the gold-plated bar remained sealed for over a decade before Galt decided in May to transfer its digital value to a hardware wallet.

He shared his experience on the BitcoinTalk forum, where he admitted,

“I didn’t want to redeem it, though. To me, a physical Bitcoin that hasn’t been redeemed feels like it’s worth more than just the money.”

Why A Physical Bitcoin Bar Meant More Than Its Price

Created in the early 2010s by Mike Caldwell, Casascius bars were tangible versions of Bitcoin embedded with private keys beneath tamper-evident holograms.

Available in denominations ranging from 1 to 1,000 BTC, these items once symbolised a blend of digital innovation and physical security.

Production stopped in 2013 after U.S. regulators labelled Caldwell’s activity as money transmission.

Now largely viewed as collectors’ items, these physical Bitcoins often sell at a premium on auction sites — even empty ones have sold for up to $20,000.

But for holders like Galt, it was about more than money.

He told Cointelegraph,

“Redeeming it felt like destroying a piece of history, like melting down some ancient gold necklace or something.”

A 2,000,000% Return That Came With Real Risks

By 13 May 2025, when Galt finally moved his 100 BTC to a digital wallet, Bitcoin had surged to around $104,000, giving him a near 2,000,000% return on his initial $500 investment.

100 BTC Casascius bar held by “John Galt” (Source: BitcoinTalk)

Still, parting with the sealed bar was no easy decision.

He had explored private sales and auction houses in the past, but struggled to find trustworthy buyers willing to pay the bar’s full value.

He wrote on the forum,

“I even looked into auctions, but I’d be getting less than what the Bitcoin itself was worth. Now that it’s worth over $10 million, I knew I couldn’t just keep sitting on it.”

What Makes Casascius Bars Valuable Today

According to Akash Gaurav, founder of Palladium Labs, these physical Bitcoins are no longer practical for security compared to modern storage methods.

He told The Defiant,

“While iconic, these bars are single-key bearer assets. Redemption is irreversible and carries real risk.”

Gaurav pointed out that Galt lost $50,000 worth of Bitcoin Cash (BCH) due to forked chains when accessing the bar’s mini-key.

Despite that, Gaurav said the bars have cultural significance.

He said,

“In a HODL-driven ecosystem, they represent deep conviction and generational self-custody.”

He also noted that prior attempts to sell the 100 BTC bar had attracted only lowball offers — a reflection of both market timing and buyer caution.

How Many Casascius Bitcoins Are Still Out There

Tracking site casasciustracker.com estimates that over 10,000 Casascius coins and bars have been redeemed so far.

Another 17,000+ remain active, including two 1,000 BTC bars worth over $100 million each, one 500 BTC bar, and 35 100 BTC bars still intact.

Many of these physical Bitcoins remain in private collections, stored in safes or vaults.

Source: casasciustracker.com

Galt admitted he kept his in a vault away from his home, revealing that the growing value made him increasingly nervous over time.

He said,

“Having 100 BTC is life-changing for anyone. But the thing is I’ve had it for so long that this was more about staying safe than suddenly getting rich.”

Concerns Over Private Key Safety Addressed

Some buyers and collectors have expressed concern over the security of Casascius items, questioning whether creator Mike Caldwell may have retained private key copies.

However, community consensus strongly leans toward trust in their integrity.

Gaurav echoed this view, saying that while buyer hesitation is understandable for such high-value items, most believe the keys are secure.

With values now in the tens or hundreds of millions, both the financial and symbolic weight of these items continues to grow.