A public research institute in Spain is preparing to sell a
long-forgotten Bitcoin reserve now valued at more than $10 million. The
Institute of Technology and Renewable Energies, part of the Tenerife Island
Council, purchased 97 Bitcoin in 2012 for about $10,000 as part of a blockchain
study.
Digital
assets meet tradfi in London at the fmls25
Cases of forgotten or inaccessible Bitcoin holdings are not
uncommon. NBA star Kevin
Durant has reportedly been unable to access a Coinbase account containing
Bitcoin purchased in 2016.
In the UK, James
Howells continues his long-running effort to recover a discarded hard drive
in Newport, which he says contains about 8,000 Bitcoin, now valued at hundreds
of millions of dollars.
Spanish Council Faces Hurdles Selling Bitcoin
According to the Spanish newspaper El Día, the council is
completing the process to liquidate the assets. Tenerife’s innovation
councillor, Juan José Martínez, said the sale will be managed through a Spanish
financial institution authorized by the Bank of Spain and the National
Securities Market Commission.
The transaction has faced delays due to the reluctance of
some European banks to handle Bitcoin-related operations, citing regulatory
uncertainty and price volatility. Martínez said the sale is expected to be
finalized in the coming months.
🚨ALERT: SPANISH INSTITUTE TO SELL $10M IN BTC BOUGHT FOR $10K IN 2012Researchers who purchased 97 $BTC for a blockchain study are now cashing out to fund quantum research. pic.twitter.com/dKoIQT3oBY
— Coin Bureau (@coinbureau) November 6, 2025
Funds from the liquidation will be redirected to ITER’s new
research programs, with a focus on quantum technologies. He noted that the
Bitcoin purchase was part of a technical experiment rather than a financial
investment.
Europol Supports €460M Crypto Scam Probe
Recently, Spanish authorities, with Europol support, dismantled
a crypto investment fraud ring and arrested five individuals linked to
laundering €460 million from over 5,000 victims worldwide.
The arrests, including three in the Canary Islands and two
in Madrid, are part of an ongoing investigation. The suspects reportedly used
international networks, multiple accounts, and payment gateways to move funds.
Europol noted the growing scale and sophistication of online fraud across the
EU.
This article was written by Tareq Sikder at www.financemagnates.com.
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