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A Spanish research institute is set to cash in on a forgotten $10,000 Bitcoin purchase from 2012, which grew 1,000-fold to $10 million.
The Institute of Technology and Renewable Energy (ITER), run by the Tenerife Island Council, acquired 97 BTC over a decade ago as part of a blockchain research project, according to A report by the Spanish-speaking newspaper El Día.
Tenerife innovation advisor Juan José Martínez said the council was currently finalizing sales plans with a licensed Spanish financial institution. Proceeds will be used to fund new research at ITER, including work on quantum technologies.
Research Institute’s Bitcoin Stash Skyrockets 100,000%
The price of Bitcoin has soared since 2012, leaving the institute with a 100,000% increase on its investment.
In early October, when the Bitcoin price reached a new all-time high (ATH) around $126,198, the stash was worth over $12.2 million.
The Institute’s purchase of Bitcoin was not an investment
Martínez told the outlet that the 2012 purchase was never intended as an investment but rather as part of an experimental project to understand Bitcoin’s underlying blockchain technology.
Specifically, an ITER IT team explored how the Bitcoin mining process works.
“This is one of several research projects undertaken by ITER to explore and experiment with new technological systems,” Martínez said.
ITER is currently working with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the sale of Bitcoin.
Martinez said he expects the transaction to be finalized in the coming months.
Top US Academic Institutions Invest in Bitcoin
While ITER has said its purchase of Bitcoin was not intended as an investment, other major academic institutions have begun investing in the largest crypto by market capitalization.
Harvard Management Company, which oversees the university’s $50 billion endowment, disclosed a $116 million position in BlackRock’s iShares Bitcoin Trust (IBIT) during one of its recent investigations. quarterly filings with the United States Securities and Exchange Commission (SEC).
Did you know?
Harvard University’s portfolio contains more Bitcoin ETFs than Google stocks. pic.twitter.com/iiPWbEr2Cq
– Bitinning (@bitinning) September 19, 2025
The investment gives Harvard indirect exposure to Bitcoin price movements through BlackRock’s regulated spot exchange-traded fund (ETF). It is also one of the top five publicly disclosed university stock positions, behind Microsoft, Amazon, Booking Holdings and Meta.
Harvard’s investment came after U.S. spot Bitcoin ETFs received the regulatory green light for launch in 2024. They have since attracted billions of dollars in investment and offer traditional investors a familiar vehicle for gaining exposure to BTC.
Among these ETFs, BlackRock’s IBIT has been the most popular and has attracted $63.34 billion in cumulative inflows so far, according to data from Farside Investors.
US Spot Bitcoin ETF Flow (Source: Distant investors)
Brown University also reported that it held IBIT stock worth about $4.19 million as of the middle of this year. Earlier this year, the University of Austin in Texas announcement a dedicated $5 million “Bitcoin fund” within its endowment. The proceeds will be held in BTC for at least five years.
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