The Institute of Technology and Renewable Energies (ITER), a public research institute in Tenerife, Spain, is preparing to sell a Bitcoin reserve now valued at over $10 million — an investment that originally cost just $10,000 in 2012. Managed by the Tenerife Island Council, ITER purchased 97 Bitcoins more than a decade ago as part of an early blockchain research initiative aimed at exploring the potential of decentralized technologies.
ITER’s Bitcoin Investment Grows Into a Multimillion-Dollar Asset
Back in 2012, ITER’s purchase was primarily for research purposes, not financial gain. However, the long-term hold has turned out to be one of the most profitable decisions in the institute’s history. With Bitcoin prices hovering around $103,200 per coin, the reserve’s total value now exceeds $10 million. Earlier this month, when Bitcoin briefly surged to $126,198, the holdings were worth more than $12 million.
Despite the enormous gains, converting the digital assets into euros has proven challenging. Many European banks remain cautious about handling cryptocurrency transactions due to strict regulatory frameworks. To navigate these hurdles, the Tenerife Island Council is working with a Spanish financial institution authorized by both the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale securely and transparently.
Funds to Be Reinvested in Advanced Research
According to Juan José MartÃnez, Tenerife’s innovation councillor, the sale is expected to be finalized within the coming months. Once completed, the proceeds will be reinvested into ITER’s ongoing research programs, with a focus on quantum technologies and other advanced scientific projects.
This strategic move not only showcases the institute’s foresight in adopting blockchain early but also reinforces its commitment to funding innovation and sustainable technology research for the future.
