Tenerife Council to Sell Bitcoin Bought in 2012 After Near 10,000% Price Rise

Why It Matters

The transaction shows how public‑sector entities can monetize early crypto exposure to fund advanced scientific research, while highlighting the regulatory hurdles that still surround institutional cryptocurrency sales.

Summary

The Tenerife Council’s Instituto Tecnológico y de Energías Renovables (ITER) bought 97 bitcoin in 2012 for about €10,000 and is now preparing to sell the holdings for roughly €10 million, reflecting a near‑10,000% appreciation. The coins were originally acquired for a blockchain research project, not profit, and the sale must be executed through a Spanish financial entity regulated by the Bank of Spain and the CNMV after earlier attempts were rebuffed by banks. Proceeds will be earmarked for new ITER research initiatives, including work in quantum technology, at its Granadilla de Abona facility.