according to materials from the site - By ETHNews
The Spanish Institute of Technology and Renewable Energy (ITER) is preparing to sell 97 bitcoins acquired over ten years ago. This investment has grown from just 10,000 euros in 2012 to more than 10 million dollars today.
This sale, the negotiations for which are currently underway with a Spanish financial institution certified by national regulatory authorities, is one of the most striking examples of long-term institutional cryptocurrency assets in Europe.
Bitcoin was initially acquired as part of a blockchain research project launched by ITER in 2012, long before cryptocurrency gained global recognition. At that time, bitcoin was trading for less than 100 euros.
However, it is reported that the institute lost access to its cryptocurrency wallet for eight years, leaving the assets untouched during several growth cycles, including the record spikes of bitcoin in 2017, 2021, and 2024.
Access was eventually restored, but previous attempts to sell were delayed due to regulatory issues and concerns about market volatility.
The government of Tenerife, which oversees the ITER project, is currently negotiating with a regulated Spanish financial company for the safe execution of the sale. Authorities are reportedly focused on ensuring full compliance with Spain's financial transparency requirements and combating money laundering.
The current estimated sale price is around 10 million dollars, although the final value may fluctuate depending on bitcoin price variations.
The case of ITER vividly demonstrates how early, small experiments by public institutions with blockchain can unexpectedly turn into multimillion-dollar assets. It also highlights Spain's growing readiness to manage cryptocurrency assets and monetize them through official financial channels rather than leaving them idle or unregulated.
If the deal is completed, it could pave the way for other European research organizations and public institutions to revisit their early experiments with cryptocurrencies, some of which may now yield significant unrealized gains.
