The Institute of Technology and Renewable Energy (ITER) on the island of Tenerife is negotiating with financial organizations to sell 97 BTC, according to Spanish media reports.
The institution purchased the coins in 2012 for €10,000 as part of blockchain system research. At the time of writing, these assets are valued at approximately €8.5 million.
Juan José Martínez, Tenerife’s Innovation Advisor overseeing ITER, hopes to finalize the deal in the coming months and allocate the proceeds to the technology center’s projects.
Journalists note that this is not the institute’s first attempt to sell the bitcoins. Efforts have been ongoing for several years, hindered by the large transaction volume and bureaucratic procedures.
The island’s government cannot approach European banks, as the vast majority do not accept cryptocurrency. Meanwhile, local legislation mandates that authorities can only engage with organizations licensed by the Bank of Spain.
However, the situation has changed with the adoption of MiCA and other digital asset laws. According to Martínez, ITER is negotiating with the Spanish financial commission while completing administrative formalities.
The Innovation Advisor emphasized that the purpose of purchasing bitcoins was not investment. The coins were used to study blockchain principles.
“This is one of many studies conducted by ITER to understand and experiment with various technological systems,” he explained, adding that the institute is now exploring quantum technologies.
In August, prestigious U.S. educational institutions—Harvard and Brown University—reported bitcoin purchases through ETFs.