1,000x Return! A Spanish research institution plans to sell 97 Bitcoins, which they bought thirteen years ago for just $10,000.

In 2012, the Institute of Renewable Energy and Technology Research (ITER), affiliated with the Tenerife Island Council in Spain, spent about $10,000 to purchase 97 Bitcoins. The initial purpose was simply to study blockchain technology. However, thirteen years later, as Bitcoin’s price soared, the value of this “experimental investment” has ballooned to $10 million.

Return on Investment of 1,000 Times

According to Protos, when ITER bought these Bitcoins, each was worth roughly $103. But with Bitcoin reaching $100,000 at the end of last year and surpassing $120,000 this year, the holdings’ paper value once exceeded $12 million, representing a return of over 100,000%.

Juan Jose Martinez, a member of the Tenerife Island Council’s Innovation Affairs Committee, emphasized that the purchase was merely an “experiment to understand blockchain infrastructure,” not an investment.

ITER Plans to Sell the Bitcoin Holdings

Currently, ITER is planning to sell this substantial asset. Martinez stated that the organization is working with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission to facilitate the sale.

The proceeds from the sale are intended to be fully invested in the institute’s quantum technology research, including quantum communication and quantum computing. Tenerife has long been active in the quantum field; the Canary Islands Astrophysics Institute (IAC) participated in the GARBO project and completed a 144-kilometer quantum teleportation experiment.

Challenges in Liquidation: European Banks Still Reluctant to Handle Bitcoin Transactions

However, cashing out is not straightforward. According to The Tenerife Weekly, most European banks remain hesitant to process Bitcoin transactions due to concerns over volatility and compliance costs. As a result, ITER can only cooperate with financial service providers authorized by the Bank of Spain and the National Securities Market Commission. While this partnership may gradually facilitate liquidation and profit realization, it also exposes the holdings to market fluctuation risks during the sale process.

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Note: This article was originally published by BlockTempo, a leading blockchain news media outlet.