A Spanish public research institute is preparing to sell its long-forgotten Bitcoin stash, worth over $10 million, which was originally purchased for just $10,000 in 2012 as part of a blockchain research project.
The Institute of Technology and Renewable Energies (ITER), overseen by the Tenerife Island Council, acquired 97 Bitcoin (BTC) more than a decade ago to study blockchain technology. The council is now finalizing plans to divest the holdings, according to a report from Spanish-language newspaper El Día.
Juan José Martínez, Tenerife’s innovation councillor, told the outlet that the council is working with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale.
Most banks in Europe still refuse to handle Bitcoin transactions due to regulatory and volatility risks, complicating the process for the research center to offload its Bitcoin holdings.
Tenerife Council to Reinvest Proceeds into Quantum Research
Martínez said he expects the transaction to be completed in the coming months, with proceeds reinvested into ITER’s own research programs, including fields such as quantum technologies. He added that the 2012 purchase was never meant as an investment but rather as part of an experimental project aimed at understanding blockchain infrastructure.
“It was one of the numerous research projects ITER has undertaken to explore and experiment with new technological systems,” Martínez said.
With BTC currently trading at around $103,200, ITER’s Bitcoin holdings are worth over $10 million. The stash was worth more than $12 million in early October as Bitcoin reached its all-time high of around $126,198.
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In August, Spanish banking giant BBVA partnered with Binance to serve as an independent custodian for customer funds. The deal allows Binance users to custody assets backed by US Treasurys held at BBVA, which the exchange accepts as margin for trading.
The partnership came after BBVA advised its wealthy clients to invest between 3% to 7% of their portfolio into crypto and Bitcoin.