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The ITER Bitcoin holdings purchased in 2012 for research purposes are now set for sale, marking one of the most profitable public-sector investments in Spain’s history. The Institute of Technology and Renewable Energies (ITER), managed by the Tenerife Island Council, originally spent just $10,000 on 97 Bitcoin as part of an academic project studying blockchain infrastructure.
Today, those same ITER Bitcoin holdings are valued at over $10 million, with Bitcoin currently trading near $103,200, according to CoinMarketCap. The council confirmed that it 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.
“We’re finalizing the technical and financial details,” said Juan José Martínez, Tenerife’s councillor for innovation, in an interview with El Día. “The sale will likely conclude within the next few months.”
The ITER Bitcoin holdings originated as part of an early study into blockchain technology, years before digital currencies gained mainstream recognition. ITER’s team purchased the Bitcoin not as a speculative investment but to understand how decentralized systems operate.
“It was one of the numerous research projects ITER has undertaken to explore and experiment with new technological systems,” Martínez explained.
At the time of purchase in 2012, Bitcoin traded at roughly $100 per coin, making ITER’s 97 BTC worth about $10,000. The council’s decision to retain the assets even as Bitcoin’s price fluctuated over the decade has now resulted in a return exceeding 100,000%.
However, converting the ITER Bitcoin holdings into euros has proven challenging. Most banks across Europe still refuse to directly handle crypto transactions due to compliance and volatility concerns. As a result, ITER’s collaboration with a regulated intermediary is crucial to ensure transparency and legality in the divestment process.
According to Martínez, funds generated from selling the ITER Bitcoin holdings will be reinvested into the institute’s ongoing scientific initiatives particularly those involving quantum technology and renewable energy innovation.
“The 2012 Bitcoin purchase was never meant to generate profit,” Martínez emphasized. “Our goal now is to reinvest in emerging technologies that align with ITER’s mission of advancing sustainable and digital innovation.”
The reinvestment aligns with the council’s broader agenda to position Tenerife as a European hub for clean energy and next-generation computing research. ITER already operates several renewable energy facilities and conducts advanced studies on energy efficiency, oceanography, and sustainable development.
Analysts suggest that the strategic sale of the ITER Bitcoin holdings could also inspire other public institutions to re-evaluate unused digital assets accumulated during past research or pilot projects.
Spain’s financial ecosystem has shown growing openness toward regulated crypto activity. In August, banking giant BBVA announced a partnership with Binance to serve as an independent custodian for customer funds. The agreement allows Binance users to hold assets backed by U.S. Treasurys at BBVA, which are accepted as collateral for trading on the exchange.
The move followed BBVA’s recommendation that high-net-worth clients allocate 3–7% of their portfolios to crypto assets as a sign of increasing institutional acceptance within Europe’s financial system.
Experts believe this environment could make the ITER Bitcoin holdings sale smoother, as Spain’s regulatory landscape becomes more defined and cooperative toward legitimate crypto operations.
“Spain has moved from caution to cautious engagement,” said Lucía Gómez, a Madrid-based fintech consultant. “The ITER Bitcoin holdings case shows that even public institutions can successfully transition from experimentation to responsible liquidation.”
As Tenerife’s ITER finalizes its liquidation plans, the institute’s decade-long experiment with digital money may end where it began as a research project. But for Spain’s public innovation sector, the ITER Bitcoin holdings represent a rare fusion of foresight, patience, and profit that bridges the gap between blockchain’s past and its technological future.
