The Institute of Technology and Renewable Energies (ITER), a public research body under the Tenerife Island Council, is preparing to sell its decade-old Bitcoin holdings, according to Spanish outlet El Día.
ITER reportedly acquired 97 Bitcoin in 2012 for roughly $10,000 as part of a blockchain research project. The purchase was originally meant to explore the technical foundations of digital currencies rather than serve as an investment.
Thirteen years later, with Bitcoin trading near $103,200, the holdings are now worth over $10 million. This outcome constitutes an extraordinary return on what was initially a modest research expenditure.
Martínez noted that the process is currently underway. Nevertheless, European banks’ reluctance to engage with Bitcoin, owing to regulatory constraints and price volatility, has complicated matters. He expects the sale to conclude within the coming months.
The council plans to reinvest the proceeds from the sale into ITER’s scientific programs, particularly those focused on quantum technology and advanced research.
Martínez emphasized that the 2012 Bitcoin acquisition was purely academic, part of ITER’s broader mission to experiment with emerging technologies. The unexpected profits, he said, will now help the institute strengthen its innovation infrastructure.
In August, Spanish banking leader BBVA collaborated with Binance to serve as an independent custodian for user funds backed by U.S. Treasury securities.
The move followed BBVA’s guidance to its private banking clients, recommending they allocate 3% to 7% of their portfolios to cryptocurrencies, including Bitcoin.
Read more on The Crypto Basic – Bitcoin, Cryptocurrency, DeFi Topics And News
