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.

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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.

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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.

Source: Finance Magnates