Buying bitcoins for a blockchain experiment brought scientists $ 10 million in profit

More than a decade ago, a team of scientists on the island of Tenerife conducted a small blockchain experiment that unexpectedly turned into one of Spain’s largest public crypto assets. The Institute of Technology and Renewable Energy (ITER) purchased 97 bitcoins BTC $101,005.00 Mezo Wrapped BTC -1.19% Market capitalization $52.94 million VOL. 24 hours $3.21 billion in 2012 for about $ 10,000, an amount that had no financial significance for the researchers at the time. Today, their value exceeds $ 10 million.

According to local authorities, the Tenerife Island Council, which oversees ITER’s activities, has approved the sale of bitcoins through a financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV). According to Juan José Martínez, Innovation Advisor, the process is almost complete, and all steps will be taken with maximum transparency. The funds will be used for new research programs, particularly in the field of quantum technologies.

Unlike private investors, ITER was not financially motivated — it was an experiment to explore the possibilities of blockchain in data protection and digital certification. What started as a scientific test has turned into one of the most profitable public sector assets in Spain.

The sale of crypto assets comes amidst tighter regulation of digital currencies in the country. Spain is introducing new reporting and disclosure requirements, synchronizing them with the European MiCA regulatory framework. Now, all transactions with crypto assets are subject to declaration, and service providers are under the control of the CNMV and the central bank.

This case has become a precedent in European practice: a state institution has not only kept the crypto asset for more than a decade, but also decided to use the profits for the development of science. The purchase of 97 BTC in 2012, which once seemed like a small research detail, has now become a symbol of how scientific curiosity can bring real financial results.