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Spain’s Forgotten Bitcoin Project Pays Off Big

Spain’s Forgotten Bitcoin Project Pays Off Big

The post Spain’s Forgotten Bitcoin Project Pays Off Big appeared on BitcoinEthereumNews.com. Bitcoin More than a decade ago, a team of scientists on the island of Tenerife quietly ran a small blockchain experiment. . Key Takeaways: A research project in Tenerife unexpectedly generated one of Spain’s largest public Bitcoin holdings. The Institute of Technology and Renewable Energies (ITER) is preparing to sell its 97 BTC, now worth over $10 million. The proceeds will fund new scientific initiatives as Spain enforces stricter crypto oversight. Their goal was simple: to understand how digital currencies worked in real-world applications. The Institute of Technology and Renewable Energies (ITER), a publicly funded research center, bought 97 Bitcoins in 2012 for roughly $10,000 — an amount that, at the time, barely registered as a significant expense. Thirteen years later, that modest purchase has transformed into a windfall worth over $10 million, and the institute now finds itself holding one of the most unusual public-sector assets in Spain: a crypto fortune born out of academic curiosity. Spain’s ITER plans to offload 97 $BTC purchased in 2012 for $10K and reinvest the >$10M haul into quantum projects.$IONQ $QBTS — Panzuki.eth⚡️ (@PandaAsiaStreet) November 6, 2025 Liquidating a Piece of History Local officials confirmed that the Tenerife Island Council, which oversees ITER, has approved plans to liquidate the Bitcoin holdings through a Spanish financial institution authorized by both the Bank of Spain and the CNMV (National Securities Market Commission). Councillor for Innovation Juan José Martínez stated that the process is nearing completion, emphasizing that every step will follow the highest standards of transparency and regulatory compliance. The proceeds from the sale, he added, won’t disappear into the general budget — they will be reinvested directly into ITER’s upcoming research programs, with a particular focus on quantum technology development. The Accidental Treasure of Public Science Unlike private investors who deliberately accumulated Bitcoin during its…
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BitcoinEthereumNews2025/11/07 15:31