TLDR
- The Institute of Technology and Renewable Energies in Spain plans to sell its 97 Bitcoin holdings.
- The Bitcoin was purchased in 2012 for only $10,000 as part of a blockchain research project.
- The current value of the Bitcoin stash exceeds $10 million based on recent market prices.
- The Tenerife Island Council is overseeing the sale through a regulated Spanish financial institution.
- ITER officials confirmed that the original Bitcoin purchase was meant for research and not for profit.
The Institute of Technology and Renewable Energies (ITER) in Spain plans to sell 97 Bitcoin (BTC) acquired in 2012 for $10,000. The stash, now valued at over $10 million, was originally purchased for a blockchain research project. The Tenerife Island Council, which oversees ITER, confirmed that preparations for the sale are underway.
ITER Prepares to Sell Bitcoin Holdings
ITER officials confirmed that the Bitcoin purchase aimed to study blockchain technology rather than generate profits. The council now seeks to liquidate the holdings as Bitcoin trades around $103,200 per coin. Juan José Martínez, the island’s innovation councillor, said the process involves a Spanish financial institution authorized by the Bank of Spain and the CNMV.
He stated, “We are finalizing the sale through a regulated institution to ensure full legal compliance.” He added that the council expects completion in the coming months. The transaction will convert the Bitcoin assets into euros for reinvestment in ITER’s scientific programs.
ITER bought the Bitcoin during early blockchain research more than a decade ago. The goal was to understand and test decentralized ledger systems in real-world conditions. The 2012 acquisition formed part of an internal experimental project exploring blockchain infrastructure.
Martínez emphasized that the purchase “was never intended as an investment.” He described it as one of many research initiatives aimed at testing new technologies. ITER’s studies focused on the growing potential of blockchain applications in energy and data systems.
Selling the Bitcoin has presented regulatory challenges for ITER. Most European banks still avoid handling cryptocurrency transactions due to compliance and volatility issues. Therefore, ITER is coordinating with a licensed Spanish financial institution to manage the conversion.
The council aims for transparency and full regulatory oversight during the sale process. The proceeds will fund research areas such as renewable energy and quantum technology. Officials said the Bitcoin sale aligns with ITER’s broader goal of reinvesting in technological innovation.
BBVA Expands Crypto Ties with Binance
Bitcoin’s current price near $103,200 gives ITER’s holdings an estimated value above $10 million. Earlier in October, the holdings were worth over $12 million when Bitcoin peaked near $126,198. The institute plans to proceed regardless of price fluctuations to secure funds for research.
In Spain, banks continue to expand cautious crypto engagement. In August, BBVA partnered with Binance to act as a custodian for client assets backed by U.S. Treasurys. This partnership allows Binance users to hold collateralized assets with BBVA as margin for trading.
BBVA has also advised wealthy clients to allocate between 3% and 7% of portfolios to Bitcoin and crypto assets. The guidance reflects growing institutional interest despite persistent volatility.
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