Bought for Research, Now a Windfall: Spanish Institute Earns 1,000x Profit on Bitcoin

Spanish Research Institute Earns 13 Billion Won in 13 Years
Purchased Digital Currency for Research Purposes... Value Surges

A Spanish public research institution has made over 1,000 times its initial investment by selling Bitcoin that it had purchased in small amounts for research purposes 13 years ago.

According to virtual asset media outlet BeInCrypto and others on November 9 (local time), the Technological and Renewable Energy Institute (ITER) of Tenerife, Spain, bought 97 Bitcoins for $10,000 (about 13 million won at the time) in 2012 to verify blockchain technology. The value of these Bitcoins has recently soared to $10 million (over 1.35 billion won).

At the time, Bitcoin was only known within the technology community and was regarded as an experimental digital currency. However, as its price surged in subsequent years, the institute unexpectedly secured a massive profit.

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ITER is reportedly in the final stages of completing the Bitcoin sale process. The sale is being conducted officially through an approved financial institution, under the supervision of the Bank of Spain and the National Securities Market Commission (CNMV). Juan Jose Martinez, the Commissioner for Innovation in Tenerife, stated, "Transparency is our top priority throughout the liquidation process, and procedures are being carried out in accordance with financial regulations."

ITER plans to reinvest the entire proceeds from the sale into the field of scientific innovation. In particular, the expansion of quantum technology research programs and the strengthening of related infrastructure are key areas of investment.

Analysts note that this case is significant as it takes place amid the introduction of the EU's Markets in Crypto-Assets (MiCA) regulatory framework. Spain has recently tightened requirements for reporting virtual asset holdings and transaction disclosures, and earlier this year, in cooperation with Europol, uncovered a $540 million cryptocurrency fraud network.

Experts view this as a representative example of public research assets experiencing a serendipitous increase in value through long-term holding, and believe it could influence future discussions on digital asset management standards for public institutions.