What happened?
A public research institute in Tenerife discovered it owns 97 Bitcoin bought in 2012 for roughly $10,000 that are now worth over $10 million. They’re trying to sell the stash to fund research but are hitting big logistical and regulatory roadblocks. European banks and Spanish rules like MiCA, CNMV licensing, and AML checks mean the sale needs a licensed provider and extensive due diligence.
Who does this affect?
The Tenerife Institute of Technology and Renewable Energies and the Tenerife Island Council are directly affected since they own the coins and must follow public-sector rules. Spanish banks, licensed crypto-service providers, and regulators such as the CNMV and SEPBLAC are involved because they need to approve or process the transaction. Other public bodies, investors, and custodians are watching closely because the outcome could set a precedent for how governments handle crypto windfalls.
Why does this matter?
This case shows how regulation can slow down turning crypto gains into cash, pushing demand toward regulated custodians and banks that can handle big institutional or public sales. As major banks like BBVA roll out trading and custody services, that could boost institutional liquidity and mainstream adoption but also increase compliance costs and reporting burdens. While a single $10M sale is small compared with Bitcoin’s total market, high-profile public sales can shift sentiment, accelerate demand for regulated services, and prompt tighter scrutiny across the EU.