A public research center in Tenerife is preparing to sell bitcoin it bought more than a decade ago. Bitcoin has grown from a small experiment to a multi-million dollar venture.
According to reports, the Institute for Technology and Renewable Energy (ITER), which is affiliated with the island council of Tenerife, purchased 97 BTC for approximately €10,000 in 2012. The coin is now worth over $10 million at current prices.
Preparing to liquidate long-term holdings
ITER did not purchase Bitcoin as a bet on price. According to local reports, this purchase was part of a project to research blockchain and related systems. After years of rising values, council officials are now in talks with regulated Spanish financial institutions to transfer the assets into cash in line with Bank of Spain and CNMV regulations.
The sales process has its obstacles. Banks and brokers often require detailed compliance documentation for large cryptocurrency transactions. This means that the work is done through official channels rather than retail exchanges. Some sources point out that ITER has been working for several years to sort out the legal and administrative steps for its holdings.
Funds Committed to Research Projects
According to reports, the money raised from the sale will be used to fund new research at the institute. ITER plans to direct the proceeds to projects involving quantum technology and other scientific work that will benefit the development of the island and the region. Officials planned to turn the old experiment into a public resource for research.
Image: Financial Commission
How big is the benefit?
The numbers are huge. Buying 97 bitcoins for about €10,000 in 2012 and selling them now at market levels would mean a return of thousands of percent. The exact figure will depend on the final sale price and the exchange rate in use on the day the coins move. Taxes and legal fees may also affect the net amount the laboratory receives.
What officials said
Board members and ITER representatives issued a short statement about the plan to local media, noting that the original purpose was research, not investment. Authorities are working with legal and financial advisors to ensure the disposal meets Spanish regulations on the sale of public funds and assets, according to the report. The goal is to avoid mistakes that could delay cashing out.
Featured image from Unsplash, chart from TradingView
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