Based on RBC, the Tenerife Council is preparing to sell 97 bitcoins (BTC) originally purchased in 2012 for €10,000 as part of a blockchain research experiment. The BTC, now valued at approximately €10 million, could generate a 99,900% profit for the Institute for Technologies and Renewable Energy (ITER), which is part of the council. The council has been attempting to sell the coins for years but has faced legal hurdles in Spain. Currently, it is negotiating with a financial institution authorized by the Bank of Spain and the National Securities Market Commission (CNMV) to facilitate the transaction. Administrative procedures are nearing completion, and the deal is expected to close in the coming months.
Tenerife Council to Sell 97 BTC Purchased in 2012 for Research, Expected 99,900% Profit
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