Spanish Research Institute to Sell $10M BTC Acquired for $10K in 2012
Research institute plans to sell decade-old BTC and funnel proceeds into quantum tech
A Spanish public research institute is preparing to cash out a long-overlooked Bitcoin trove now worth more than $10 million after buying it for just $10,000 in 2012. The Institute of Technology and Renewable Energies (ITER), which operates under the Tenerife Island Council, acquired 97 BTC over a decade ago to study blockchain infrastructure, not as a financial wager. The council is now moving to divest the holdings, Spanish outlet El Día reported, with officials coordinating the sale through a domestic financial institution authorized by the Bank of Spain and the CNMV.
The process has been slow because many European banks remain reluctant to handle Bitcoin transactions amid regulatory complexity and price volatility. Juan José Martínez, Tenerife’s innovation councillor, said the transaction is expected to conclude in the coming months. Proceeds will be reinvested into ITER’s research portfolio, including quantum technologies, underscoring the institute’s mandate to test emerging systems and redirect gains back into science.
At current prices near $103,200 per BTC, the stash is valued above $10 million. Earlier in October, when Bitcoin neared an all-time high around $126,198, the holding briefly surpassed $12 million, according to market data referenced in local reports. The sale would crystallize one of Europe’s most striking public-sector crypto windfalls and highlights how early exploratory purchases can generate outsized returns.
Spain’s traditional finance sector is cautiously widening its crypto aperture. In August, banking giant BBVA partnered with Binance to act as an independent custodian for customer assets, allowing users to custody instruments backed by U.S. Treasurys held at BBVA and use them as trading margin on the exchange. The bank has also advised wealthy clients to consider a modest crypto allocation of roughly 3% to 7% of portfolios, signaling a measured but growing institutional acceptance alongside heightened regulatory oversight.
