Summary
- A Spanish public research institute said it plans to sell 97 bitcoins purchased in 2012 for about $10 million.
- It is pursuing the sale with financial institutions authorized by Spain's central bank and the National Securities Market Commission, but said the process is delayed due to regulatory and volatility risks.
- The sale proceeds will be reinvested in research programs, and this is for funding scientific research, not for investment purposes.
A Spanish public research institute is expected to realize roughly $10 million (about 13.7 billion won) in proceeds by selling 97 bitcoins it purchased for $10,000 in 2012 for blockchain research.
According to CoinDesk on the 6th (local time), the Institute of Technology and Renewable Energies (ITER), under the Tenerife Island Council, acquired 97 bitcoins 13 years ago as part of a blockchain research project and is currently in the process of selling those holdings.
Juan José Martínez, Tenerife's councilor for innovation, told local media El Día, "We are currently working with financial institutions authorized by Spain's central bank and the National Securities Market Commission (CNMV) to carry out the sale."
However, many banks in Europe are refusing to handle bitcoin transactions due to regulatory and volatility risks, delaying the sale process.
ITER plans to reinvest the proceeds into its research programs once the sale is completed. Martínez said, "This sale is not for investment purposes but to fund next-generation scientific research, including quantum technologies," adding, "The 2012 purchase was also part of a research project to experiment with blockchain infrastructure."
Given that the current bitcoin price is about $103,200, ITER's holdings are worth more than $10 million. When bitcoin reached its record high of $126,198 in early October, the holdings were worth over $12 million.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
