A Spanish public research institute is preparing to sell nearly $10 million worth of Bitcoin that it bought more than a decade ago for just $10,000.
The Institute of Technology and Renewable Energies (ITER), based in Tenerife and overseen by the Tenerife Island Council, acquired 97 Bitcoin in 2012 as part of a research project exploring blockchain technology.
At the time, Bitcoin was worth around $100. Today, with BTC trading above $103,000, that same stash is valued at more than $10 million.
Plans to Sell the Bitcoin Holdings
The Tenerife Island Council is now in the final stages of arranging a sale of the Bitcoin, according to Spanish newspaper El Día.
Juan José Martínez, the island’s innovation councillor, said the council is collaborating with a Spanish financial institution authorized by both the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the transaction.
However, Martínez noted that the sale has been complicated by the reluctance of most European banks to handle Bitcoin transactions due to regulatory uncertainty and price volatility.
Proceeds to Fund Quantum Research
Martínez explained that the Bitcoin sale is expected to be completed within the next few months. The proceeds will be reinvested into ITER’s research initiatives, with a particular focus on quantum technologies.
He stressed that the 2012 Bitcoin acquisition was never meant as an investment, but as part of an experiment aimed at understanding how blockchain infrastructure works.
“It was one of the numerous research projects ITER has undertaken to explore and experiment with new technological systems,” Martínez said.
At Bitcoin’s peak of around $126,000 in early October, ITER’s holdings were worth more than $12 million, according to Bitzo.
Spain’s Growing Involvement in Crypto
The sale comes at a time when Spain’s financial institutions are taking an increasingly active role in the digital asset sector.
In August, Spanish banking giant BBVA announced a partnership with Binance to serve as an independent custodian for customer funds backed by U.S. Treasurys. The move allows Binance users to hold assets with BBVA, which the exchange accepts as margin for trading.
BBVA had previously advised its wealth management clients to allocate between 3% and 7% of their portfolios to crypto assets, including Bitcoin — a sign of growing confidence in the asset class among Spanish banks.