- Tenerife’s ITER bought 97 BTC for €10,000 in 2012 for research, now worth nearly €10 million.
- The sale will be handled by a regulated Spanish financial entity to ensure compliance.
- Profits will fund new ITER research projects, including work in quantum technology.
More than a decade after purchasing 97 Bitcoin (BTC) for around €10,000 ($11,500) as part of a blockchain research project, the Tenerife Island Council is preparing to sell its holdings for nearly €10 million — marking an extraordinary 10,000% increase in value.
The original purchase was made in 2012 by the Instituto Tecnológico y de Energías Renovables (ITER), a public research center dedicated to renewable energy and emerging technologies. According to local outlet El Dia, the buy wasn’t meant to be an investment move — it was purely to understand the mechanisms of blockchain technology, long before Bitcoin became a mainstream financial asset.
Bitcoin Bought for Research, Not Profit
At the time, Bitcoin was still a niche concept, and ITER’s researchers were studying how decentralized ledger systems operated. Officials emphasized that the goal wasn’t speculation but scientific exploration into the potential of distributed technologies.
Now, with the asset’s value having multiplied dramatically, the institute finds itself sitting on a digital fortune. However, cashing out isn’t simple. Previous attempts to sell the BTC were blocked by Spanish banks, which refused to process the transaction due to regulatory concerns.
Working with Regulated Entities to Complete the Sale
To finalize the sale, ITER is currently negotiating with a Spanish financial entity that is regulated by the Bank of Spain and the CNMV, the country’s securities watchdog. This ensures the transaction complies fully with national financial and anti-money-laundering regulations.
Once completed, the proceeds are expected to be reinvested into new research and innovation projects at ITER’s Granadilla de Abona facility.
Profits to Fund Quantum and Future Technologies
According to Juan José Martínez, Tenerife’s councillor for innovation, the Bitcoin sale will finance the next wave of research initiatives — including cutting-edge fields such as quantum technology and other advanced scientific programs.
In a remarkable twist, what began as a small-scale blockchain experiment has become one of the most successful research-related crypto stories to date — turning an academic trial into a multi-million-euro windfall for future innovation.
