A Spanish research institution plans to sell the Bitcoin it purchased for $10,000 in 2012, which is now worth over $10 million

According to Cointelegraph, a public research institution in Spain is preparing to sell its holdings of Bitcoin, currently valued at over $10 million, which were originally purchased as part of a blockchain research project.

The institution is part of the Institute of Renewable Energy and Technology Research (ITER) under the Tenerife Island Council, which acquired 97 Bitcoins over a decade ago for research on blockchain technology. The council is currently finalizing plans to sell this holding. Tenerife Island's Commissioner for Innovation Juan José Martínez stated that the council is working with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission to assist in completing the sale. Due to regulatory and volatility risks, most European banks still refuse to handle Bitcoin transactions, which complicates the process for the research institution to sell its Bitcoins.