A rare physical bitcoin from Mike Caldwell's early mint has been cashed in after spending 12 years in storage. The S1-COIN-25, a tamper-evident coin holding 25 BTC, was swept on-chain Wednesday. At the time of redemption, the bitcoin was worth roughly $1.78 million.
The S1-COIN-25
The physical coin came from a limited run Caldwell produced between 2011 and 2013. Each coin contained a private key hidden behind a hologram, redeemable only if the seal was broken. The S1-COIN-25's hologram was peeled — a clear sign the owner intended to cash out.
Why now?
After more than a decade, the owner decided to move the bitcoin on-chain. There's no indication of the holder's identity or motive. But the timing — mid-2026 — leaves room for speculation. Maybe the price was right. Maybe the owner just wanted to finally use what they'd kept cold for years.
What's left of the coin
With the hologram peeled and the key swept, the physical token itself loses its crypto value. It becomes a collectible relic — an aluminum-and-brass shell. Some collectors might still pay for the novelty. But the real value is gone.
A rare relic
Caldwell's physical bitcoins are scarce. The S1 series, in particular, is highly sought after. This redemption removes one from the pool of redeemable coins. It's a small but notable reduction in a niche market. The coin's physical whereabouts now? Unknown.
