Spanish Research Institute to Sell $10M+ Bitcoin Stash Acquired for $10K

Thursday Nov 6 2025 11:10

Duration

2 min

  1. 1. Spanish Institute Eyes $10M Windfall from Bitcoin Sale

  2. 1.1 Proceeds to Fuel Quantum Technology Research

  3. 1.2 BBVA and Binance Partnership

Spanish Institute Eyes $10M Windfall from Bitcoin Sale

A Spanish public research institution is poised to liquidate a previously overlooked Bitcoin (BTC) reserve, currently valued in excess of $10 million. This digital asset was originally acquired for a modest $10,000 in 2012 as part of an exploratory project focused on blockchain technology. The Institute of Technology and Renewable Energies (ITER), operating under the auspices of the Tenerife Island Council, amassed 97 BTC over a decade ago to examine the functionalities of blockchain. According to a report in the Spanish-language publication El Día, the council is finalizing plans to divest itself of these holdings. Juan José Martínez, Tenerife’s innovation councillor, stated that the council is collaborating with a Spanish financial entity authorized by both the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale. The ongoing reluctance of many European banks to process Bitcoin transactions, due to regulatory concerns and inherent volatility, presents a challenge for ITER in offloading its Bitcoin assets.

Proceeds to Fuel Quantum Technology Research

Martínez anticipates the transaction will conclude within the coming months, with the resulting funds being channeled back into ITER’s research initiatives, particularly those related to quantum technologies. He emphasized that the initial acquisition in 2012 was not intended as an investment, but rather as an experimental endeavor to gain a deeper understanding of blockchain infrastructure. "It was one of the numerous research projects ITER has undertaken to explore and experiment with new technological systems," Martínez clarified. With Bitcoin currently trading around $103,200, ITER’s holdings are worth more than $10 million. The value peaked at over $12 million in early October when Bitcoin reached its all-time high of approximately $126,198, according to CoinMarketCap data.

BBVA and Binance Partnership

Earlier this year, Spanish banking heavyweight BBVA established a partnership with Binance to act as a custodian for client assets. This arrangement allows Binance users to hold assets backed by US Treasuries at BBVA, which the exchange accepts as margin for trading. The partnership followed BBVA's recommendation to its high-net-worth clients to allocate 3% to 7% of their portfolios to cryptocurrency investments, including Bitcoin.

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Written by:

Noah Lee

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