97 Bitcoins Purchased for Blockchain Research in 2012
$10,000 Investment Yields Over 1,000-Fold Return
"Purely for Experimental Purposes" Emphasized... Proceeds to Be Reinvested in Quantum Technology
Thirteen years after a Spanish research institute purchased Bitcoin for research purposes, the value of its holdings has increased nearly 1,000-fold, prompting the institute to sell the cryptocurrency.
On November 6 (local time), BeInCrypto reported that the Technological and Renewable Energy Institute (ITER), located on the Spanish island of Tenerife, is finalizing the sale of 97 Bitcoins it had acquired for research. The Bitcoins, purchased in 2012 for $10,000 (then about 13 million KRW), are now worth over $10 million (approximately 1.46 billion KRW), resulting in an unexpected windfall for the institute.
These Bitcoins were originally acquired not for investment, but for blockchain technology research. However, as the value of Bitcoin soared over the years, members of the board initiated the process to liquidate these assets into cash.
The sale of ITER's Bitcoins will proceed under strict supervision by Spanish financial authorities. Juan Jose Martinez, Commissioner for Innovation in Tenerife, stated, "The liquidation process is in its final stages," and explained that the sale will be conducted through financial institutions authorized by the Bank of Spain and the National Securities Market Commission (CNMV). The transaction is expected to take place through official channels rather than ordinary retail exchanges. However, Commissioner Martinez added that the process has been somewhat delayed, as banks in Europe are taking a cautious approach to Bitcoin transactions.
The institute emphasized that the original purchase of Bitcoin was purely for research purposes and announced that all proceeds from the sale will be reinvested in scientific innovation. Commissioner Martinez stated, "The proceeds will be used to support ITER's future research programs, particularly the development of quantum technologies."
This sale is drawing particular attention because it comes as the Spanish government significantly strengthens regulatory oversight of the virtual asset sector. Spain recently introduced strict tax reporting and disclosure requirements in line with the European Union's Markets in Crypto-Assets (MiCA) framework. Earlier this year, authorities, in cooperation with Europol, also uncovered a cryptocurrency fraud ring worth $540 million (about 787.27 billion KRW).
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