The Institute of Technology and Renewable Energies (ITER), a public research institution in Spain under the Tenerife Island Council, has announced plans to sell 97 Bitcoins purchased in 2012 for blockchain research. The initial investment of $10,000 has grown to an estimated $10 million, with the current Bitcoin price around $102,400. When Bitcoin hit a record high of $126,100 in early October 2024, the holdings were valued at over $12 million.
Juan José Martínez, Tenerife's innovation consultant, stated in an official announcement that the sale is being facilitated by a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV). He emphasized that the purchase was never intended as an investment but was part of an experimental project to understand blockchain infrastructure. The transaction is expected to be completed in the coming months, and proceeds will fund ITER's ongoing research, including quantum technologies.
Notably, the institute lost access to its crypto wallet for eight years, leaving the Bitcoins untouched during major bull cycles in 2017, 2021, and 2024. Earlier attempts to sell were delayed due to regulatory challenges and market volatility concerns. This case highlights how early public-sector blockchain experiments can yield significant unrealized gains and Spain's increasing willingness to manage crypto assets through formal channels.
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