Spain’s Institute of Technology and Renewable Energies (ITER) is preparing to sell a stash of 97 Bitcoin purchased more than a decade ago, an investment that has grown from just €10,000 in 2012 to over $10 million today.
The sale, currently under negotiation with a Spanish financial institution certified by national regulators, marks one of the most remarkable cases of long-term institutional crypto holdings in Europe.
A 1,000x Return Hidden for Eight Years
The Bitcoin was originally acquired as part of a blockchain research project launched by ITER in 2012, long before the cryptocurrency gained global traction. At the time, Bitcoin traded for under €100.
However, the institute reportedly lost access to its crypto wallet for eight years, leaving the holdings untouched during multiple bull cycles, including Bitcoin’s record-breaking surges in 2017, 2021, and 2024.
Access was eventually restored, but earlier attempts to sell were delayed due to regulatory challenges and concerns about market volatility.
Negotiations Underway
The government of Tenerife, which oversees ITER, is now in talks with a regulated Spanish financial firm to execute the sale securely. Officials are reportedly focused on ensuring full compliance with Spain’s financial transparency and anti-money laundering requirements.
The current estimated sale price is around $10 million, though the final value may fluctuate given Bitcoin’s price swings.
A Public-Sector Crypto Case Study
ITER’s case highlights how early, small-scale blockchain experiments by public institutions can unexpectedly turn into multi-million-dollar assets. It also underscores Spain’s growing willingness to manage and monetize crypto holdings through formal financial channels, rather than leaving them dormant or unregulated.
If completed, the sale could pave the way for other European research bodies and government-backed institutions to revisit their own early crypto experiments, some of which may now hold significant unrealized gains.
