Spanish research institute to sell $10M Bitcoin stash bought for $10K in 2012

Researchers bought 97 BTC in 2012 for a blockchain study. Thirteen years later, they’re selling the stash to fund quantum research projects.

A Spanish public research institute is preparing to sell a long-forgotten Bitcoin stash, worth over $10 million, which was purchased for just $10,000 in 2012 as part of a blockchain research project.

The Institute of Technology and Renewable Energies (ITER), overseen by the Tenerife Island Council, acquired 97 Bitcoin (BTC) more than a decade ago to study blockchain technology. The council is now finalizing plans to divest the holdings, according to a report from Spanish-language newspaper El Día.

Juan José Martínez, Tenerife’s innovation councillor, told the outlet that the council is working with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale.

Read more