The Institute of Technology and Renewable Energies (ITER), a public research body under the Tenerife Island Council, is preparing to sell its decade-old Bitcoin holdings, according to Spanish outlet El Día.
ITER reportedly acquired 97 Bitcoin in 2012 for roughly $10,000 as part of a blockchain research project. The purchase was originally meant to explore the technical foundations of digital currencies rather than serve as an investment.
Thirteen years later, with Bitcoin trading near $103,200, the holdings are now worth over $10 million. This outcome constitutes an extraordinary return on what was initially a modest research expenditure.
Earlier in October, Bitcoin briefly reached an all-time high of approximately $126,000. At that valuation, the same holdings were worth over $12 million, according to data from CoinMarketCap.
Sale Process Underway with Regulated Financial Partner
Tenerife’s innovation councillor, Juan José Martínez, told El Día that a Spanish financial institution, authorized by both the National Securities Market Commission (CNMV) and the Bank of Spain, will coordinate the sale.
Martínez noted that the process is currently underway. Nevertheless, European banks’ reluctance to engage with Bitcoin, owing to regulatory constraints and price volatility, has complicated matters. He expects the sale to conclude within the coming months.
Funds Will Support Quantum and Emerging Tech Research
The council plans to reinvest the proceeds from the sale into ITER’s scientific programs, particularly those focused on quantum technology and advanced research.
Martínez emphasized that the 2012 Bitcoin acquisition was purely academic, part of ITER’s broader mission to experiment with emerging technologies. The unexpected profits, he said, will now help the institute strengthen its innovation infrastructure.
Crypto Developments in the Spanish Banking Sector
In August, Spanish banking leader BBVA collaborated with Binance to serve as an independent custodian for user funds backed by U.S. Treasury securities.
The move followed BBVA’s guidance to its private banking clients, recommending they allocate 3% to 7% of their portfolios to cryptocurrencies, including Bitcoin.
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