A Spanish public institute, the Institute of Technology and Renewable Energies (ITER), is facing unexpected challenges. It seeks to liquidate 97 Bitcoin acquired in 2012 for just $10,000, now valued at over $10 million. However, current difficulties selling Bitcoin in Spain are complicating the operation. According to statements from Juan José Martínez, Tenerife’s councillor for innovation, reported by the newspaper El Día, the process is underway.
The original purchase of 97 BTC was made in 2012. At that time, the price of Bitcoin was around $100 per coin. The acquisition was part of an experimental research project on blockchain infrastructure. Thirteen years later, with Bitcoin trading near $103,200, that modest research expense has transformed into a multimillion-dollar windfall. The funds will be earmarked for reinvestment in ITER’s scientific initiatives, including quantum technologies.
The Tenerife council is finalizing the divestment plans. The main obstacle is that most European banks still refuse to handle Bitcoin transactions. They cite the asset’s high volatility and strict regulatory compliance requirements. Martínez confirmed they are coordinating the sale through an authorized Spanish financial institution by both the Bank of Spain and the CNMV.
Can the Spanish public sector navigate the strict MiCA regulation?
ITER’s sale is complicated by the complex EU regulatory web. The MiCA (Markets in Crypto-Assets) framework requires strict licenses for crypto-asset service providers, supervised in Spain by the CNMV. Furthermore, as a public institution, ITER must comply with procedures for verifying the origin of funds (AML), overseen by SEPBLAC. Financial institutions are especially cautious with state-linked entities due to the complex classification of crypto-assets under MiCA.
Despite these hurdles, the Spanish financial sector is opening up. Banking giant BBVA recently became the first major Spanish bank to offer 24/7 retail Bitcoin and Ether trading. This gradual opening of the banking sector is vital. The successful completion of ITER’s sale could set an important precedent for other public entities in Europe holding digital assets.
