The government of Tenerife is poised to sell its Bitcoin holdings, estimated to be worth $10 million, following a long negotiation process. The decision stems from the sale of 97 bitcoins initially purchased by the Institute of Technology and Renewable Energy (ITER) in 2012 for €10,000. The government’s current efforts are centered on selling the assets to a Spanish financial institution under negotiations with the entity. Previous attempts to divest the cryptocurrency faced challenges from regulatory hurdles and concerns surrounding asset volatility. Despite these obstacles, the government remains optimistic about finalizing the transaction in the coming months. The potential buyer has not been publicly disclosed, but is reportedly a dual-certified entity by both the Bank of Spain and the National Securities Market Commission. Notably, ITER had delayed access to its bitcoin wallet for eight years before pursuing a sale, highlighting the complex challenges involved in managing such assets. Since acquiring Bitcoin in 2012, its value has surged a staggering 1,000 times.