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Spain’s Forgotten Bitcoin Treasure Turns into a $10 Million Research Fund

Thursday, 06/11/2025 | 17:02 GMT by Tareq Sikder
  • ITER, a public research institute, plans to sell 97 Bitcoin, bought for just $10K in 2012.
  • Forgetting a Coinbase account, NBA star Kevin Durant cannot access Bitcoin he purchased.
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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.

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.

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.

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.

Topics
crypto
cryptocurrency
Spain
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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