A public research institute in Spain bought 97 Bitcoins in 2012 as part of an experiment. Over a decade later, they are now valued at more than $10 million.
According to reports, the institute is now finalizing the process to liquidate the assets.
From Research Project to $10M Windfall
Spain’s Institute of Technology and Renewable Energies (ITER) is preparing to sell a multimillion-dollar Bitcoin reserve. The public research institute, based in Tenerife, previously bought 97 Bitcoins for just $10,000 as part of a blockchain study.
Thirteen years later, the Tenerife Island Council is finalizing the sale through a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV).
Tenerife’s innovation councillor, Juan José Martínez, confirmed that the liquidation process is in its final stages and should conclude soon. He emphasized that the sale will comply with Spanish financial regulations and ensure complete transparency.
The institute’s Bitcoin was never intended as an investment but as a tool for technological research. However, the asset’s dramatic appreciation has transformed it into a financial windfall for the island’s public research sector.
Once the liquidation is complete, the proceeds will support scientific innovation. Funds from the sale will be redirected to ITER’s upcoming research programs, with a particular focus on quantum technologies.
Spain’s move comes amid increasing regulatory scrutiny of the crypto sector.
A Public Sale Under Stricter Oversight
The Spanish government has recently stepped up its crypto oversight efforts, introducing stricter tax reporting and disclosure requirements for both individuals and institutions.
These measures are part of Spain’s broader effort to align with the European Union’s Markets in Crypto-Assets (MiCA) framework.
Under the new rules, crypto holders are required to declare all transactions and balances, while companies offering digital asset services will face increased scrutiny from the Bank of Spain and the CNMV.
This tighter regulatory stance reflects growing concern about financial crimes and the misuse of cryptocurrencies. In a high-profile case earlier this year, Spanish authorities, working in collaboration with Europol, dismantled a $540 million cryptocurrency fraud network that defrauded over 5,000 investors across Europe.
Against this backdrop, ITER’s upcoming Bitcoin sale takes on added significance.
The institute’s decision to liquidate its decade-old holdings through authorized financial channels aligns with Spain’s cautious approach to digital assets. If completed, the transaction will stand as one of the country’s most notable public-sector crypto liquidations.
