The Tenerife government plans to sell the 97 bitcoins it purchased in 2012, expecting a 1,000-fold profit.

According to ChainCatcher, citing a report from Protos, the government of Tenerife is in negotiations to sell 97 bitcoins. These bitcoins were purchased by the island’s Institute of Technology and Renewable Energies (ITER) in 2012 for only 10,000 euros, while the current expected sale price is around 10 million US dollars.

Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that the department is in discussions with a Spanish financial institution regarding the purchase of these bitcoins. Reportedly, the parliament had previously attempted to sell these cryptocurrencies, but was unsuccessful due to a series of regulatory hurdles and concerns over the high volatility of the assets.

Nevertheless, Martínez still hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but it is said to be an institution certified by both the Bank of Spain and the National Securities Market Commission.

Blockworks researcher Fernando Molina pointed out that ITER was unable to access its wallet for eight years before seeking a buyer. Since the purchase, the price of its bitcoins has increased by 1,000 times.