A public research institution in Spain announced plans to sell Bitcoins it purchased for research in 2012.
Accordingly, the Institute of Technology and Renewable Energies (ITER), under the supervision of the Tenerife Island Council, announced that it would sell 97 Bitcoins, which it purchased for $10,000 in 2012 for blockchain research.
It is expected to earn approximately $10 million in revenue in exchange for these BTCs.
Tenerife innovation consultant Juan José Martínez said in an official statement that they worked with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale of BTC.
Martínez stated that the transaction is expected to be completed in the coming months and that the proceeds will be used to finance ITER's own ongoing research projects, including quantum technologies.
Stating that the purchase in 2012 was never considered an investment, Martínez stated that the purchase of these BTCs was part of an experimental project to understand the blockchain infrastructure.
Given that the current Bitcoin price is around $102,400, ITER's holdings are worth over $10 million. When Bitcoin reached a record high of $126,100 in early October, its holdings were worth over $12 million.
*This is not investment advice.
