A Spanish research institute will sell $10 million worth of bitcoins purchased 13 years ago for just $10,000.
Date: 2025-11-07 Author: Henry Casey Categories: CRYPTO PAYMENTS
The State Institute of Technology and Renewable Energy (ITER), which reports to the Tenerife Island Council, is preparing to sell 97 bitcoins purchased in 2012 for $10,000. At the time of the deal, their value exceeds $10 million. The cryptocurrency was initially purchased not for investment purposes, but to participate in an experimental project to study blockchain and its practical applications.
To conduct the sale, the institute is collaborating with financial institutions accredited by the Bank of Spain and the National Securities Market Commission (CNMV). This collaboration is necessary to ensure complete transparency and security of the transaction.
As Juan José Martínez, Tenerife's Innovation Advisor, noted, the process of selling digital assets remains complex, as most European banks are still unprepared to work with cryptocurrency. The main reasons are high volatility and an insufficient regulatory framework.
ITER will use the proceeds to support research in quantum technologies. According to Martinez, the purchase of Bitcoin in 2012 was solely part of a research project designed to explore blockchain infrastructure and its potential for future developments. "This is one of many experiments the institute has conducted to study new technological systems," he emphasized.
At the current Bitcoin price of approximately $103,000, the total value of the institute's assets is approximately $10 million. However, in early October 2025, this figure exceeded $12 million, reflecting the typical fluctuations of the crypto market.
Meanwhile, major Spanish bank BBVA has partnered with crypto exchange Binance, becoming an independent custodian for client assets. This will allow users to deposit funds backed by US Treasury bonds on BBVA's infrastructure. According to company representatives, such collaboration will strengthen trust in digital assets and create a safer environment for working with them.
It was previously reported that BBVA also integrated Ripple Labs' solutions for managing and storing digital assets, expanding its presence in the blockchain technology market.
Thus, Spain is gradually building a more sustainable and regulated ecosystem for cryptocurrency transactions, combining scientific research, banking innovation, and practical steps to integrate digital assets into the economy.
