An improved combination holder and coaster apparatus for receiving a container or vessel which includes first and second thermally insulative, flexible panels joined together by a joint comprised of a stretchable, flexible, adhesive material adapted to return the device to a collapsed coaster configuration. While in receipt of the vessel or container, the device is adapted to an elliptical holder configuration in which the panels are separated by a projected dihedral angle generally between approximately 0 degrees through approximately 180 degrees allowing the elliptical holder to receive the vessel or container.