A public research center in Tenerife is preparing to sell a stash of Bitcoin it bought more than a decade ago — a holding that has grown from a modest experiment into a multi-million dollar pot.
Reports say the Institute of Technology and Renewable Energies (ITER), tied to the Tenerife Island Council, purchased 97 BTC in 2012 for about €10,000. The coins are now worth over $10 million at current prices.
Preparing To Liquidate A Long-Held Holding
ITER did not buy the 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 officials are in talks with a regulated Spanish financial institution to move the assets into cash in line with Bank of Spain and CNMV rules.
The sale process faces hurdles. Banks and brokers often demand detailed compliance paperwork for big crypto transactions. That means the operation will be carried out through official channels rather than on a retail exchange. Some sources note ITER has been trying for years to sort legal and administrative steps around the holdings.
Funds Pledged To Research Projects
Based on reports, the money raised from the sale will be used to fund 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.
The numbers are stark. Buying 97 Bitcoin for roughly €10,000 in 2012 and selling them now at market levels would mean a return measured in the thousands of percent. Exact figures will depend on the final sale price and exchange rates used on the day the coins move. Tax and legal costs could also affect the net amount the institute receives.
What Officials Have Said
Council members and ITER representatives have given short statements to local press about the plan, noting that the original purpose was research rather than investment. Reports indicate officials are coordinating with legal and financial advisers to make sure the disposal meets Spanish rules around public funds and asset sales. The aim is to avoid any misstep that might delay the cashing-out.
Featured image from Unsplash, chart from TradingView
