Tenerife’s governing body is in talks over the $10 million sale of 97 bitcoins (BTC) that the island’s Institute of Technology and Renewable Energies (ITER) bought in 2012 for just €10,000.

El Dia reported yesterday that Juan José Martínez, a councillor on the Tenerife Island Council who helps oversee ITER — known for its work in renewable energy, telecommunications, and environmental research — revealed the department is in discussion with a Spanish financial institution to buy the BTC.

The council has reportedly tried to sell the crypto before, but has been unsuccessful due to a number of regulatory hurdles and a fear of the asset’s high volatility.

Regardless, Martínez hopes that a sale will be finalized in the next few months.

The potential buyer hasn’t been officially revealed, however, it’s an institute certified by both the Bank of Spain and the National Securities Market Commission.

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