ITER Tenerife to sell 97 bitcoin bought in 2012

A public research institute in Tenerife is preparing to sell a stash of 97 bitcoin it bought in 2012 for about 10,000 euros, converting a decade-old research holding into a multimillion-euro asset, officials said. The Institute of Technology and Renewable Energies, known by its Spanish acronym ITER and overseen by the Tenerife Island Council, acquired the coins as part of an experiment into blockchain infrastructure and is now finalizing a regulated sale expected to conclude in the coming months.

Juan José Martínez, the island's councillor for innovation, said the 2012 purchase was conducted for investigative purposes rather than as a financial investment. "It was one of the many investigations carried out by ITER to understand the different technological systems and experiment with them," he said. At recent market prices, the 97 bitcoin are worth roughly 10 million euros, though their value briefly exceeded 12 million euros when bitcoin reached a record high in October.

The council has faced logistical and regulatory hurdles in attempting to liquidate the holdings. Martínez said the island authority is negotiating with a Spanish financial institution authorized by the Bank of...