A public research center in Tenerife is preparing to sell a stash of bitcoins it bought more than a decade ago. Bitcoin holdings have grown from a modest experiment to a multi-million dollar pot.
According to reports, the Institute of Renewable Energy Technologies (ITER), which is affiliated with the Tenerife Island Council, purchased 97 BTC in 2012 for approximately 10,000 euros. The coin is worth over $10 million at current prices.
Preparation for liquidation of long-term holdings
ITER did not buy Bitcoin by betting on the price. According to local reports, the purchase was part of a project to research blockchain and related systems. After years of appreciation, parliamentary officials are currently in talks with regulated Spanish financial institutions to transfer the assets into cash in accordance with Bank of Spain and CNMV rules.
The sales process faces hurdles. Banks and brokers often require detailed compliance documentation for large-scale crypto transactions. This means that this operation is carried out through official channels rather than retail exchanges. Some sources note that ITER has been trying to sort out legal and administrative measures regarding its holdings for years.
Funds committed to research projects
The money raised from the sale will be used to fund new research at the institute, the report said. ITER plans to use the proceeds to support projects including quantum technology and other scientific research that will benefit the island and regional development. Officials framed the plan as a way to turn old experiments into public resources for research.
Image: Financial Commission
What is the profit?
The numbers are tough. If you bought 97 Bitcoin for around 10,000 euros in 2012 and sold it now at market level, you would have made a profit of several thousand percent. The exact number will depend on the final sale price and the exchange rate used on the day the coin changes. Taxes and legal fees may also affect the net amount received by the Institute.
Official statement
Council members and ITER representatives gave a short statement to local press about the project, noting that its original purpose was research, not investment. The report said authorities were coordinating with legal and financial advisers to ensure the disposal complied with Spanish rules on public funds and asset sales. The aim is to avoid mistakes that can delay your cash.
Featured image from Unsplash, chart from TradingView
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