A public research center in Tenerife is preparing to sell a chunk of Bitcoin it bought more than a decade ago — a holding that has grown from a modest experiment into a multimillion-dollar pot.
Reports say the Institute of Technology and Renewable Energies (ITER), linked to the Tenerife Island Council, bought 97 BTC in 2012 for around €10,000. The coins are now worth over $10 million at current prices.
Preparing to liquidate a long-standing holding
ITER did not buy Bitcoin as a bet on prices. According to local reporting, the purchase was part of a project to study blockchain and related systems. Now, after years of rising values, council officers are in talks with a regulated Spanish financial institution to move the assets to cash in accordance with Bank of Spain and CNMV regulations.
The sale the process encounters obstacles. Banks and brokers often require detailed compliance paperwork for large crypto transactions. This means that the operation will be conducted through official channels rather than on a retail exchange. Some sources note that ITER has been trying for years to sort out legal and administrative steps surrounding the facilities.
Funds pledged for research projects
Based on reports, the money from the sale will be used for finance new research at the institute. ITER plans to put the proceeds toward projects including quantum technology and other scientific work that it says will benefit the island and regional development. Officials have framed the plan as a way to turn an old experiment into a public resource for research.
Image: Financial Commission
How big is the profit?
The numbers are stark. Buying 97 Bitcoin for roughly €10,000 in 2012 and selling them now at market level would mean a return measured in thousands of percent. Exact figures depend on the final sale price and exchange rates used on the day the coins are moved. Tax and legal costs can also affect the net amount that the institute receives.
What officials have said
Council members and ITER representatives have given brief statements to the local press about the plan, noting that the original purpose was research rather than investment. Reports show officials are coordinating with legal and financial advisers to ensure the divestment complies with Spanish rules on public funds and asset sales. The aim is to avoid mistakes that could delay the payout.
Featured image from Unsplash, chart from TradingView
Editorial process for bitcoinist is focused on delivering thoroughly researched, accurate and unbiased content. We maintain strict sourcing standards and every page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
