Bahrain-based AlAbraaj Restaurants adopts Bitcoin treasury strategy

A Bahrain-based, listed catering company with a $24.2 million market cap has adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital. According to a May 15 announcement, AlAbraaj Restaurants Group partnered with 10X Capital to adopt a Bitcoin (BTC) treasury strategy similar to top corporate BTC holder Strategy (previously known as MicroStrategy). The firm also aims to explore Sharia-compliant access to Bitcoin for the Islamic world. “Our initiative to become a Bitcoin treasury company reflects our forward-looking approach and our commitment to enhancing shareholder value,” said Abdullah Isa, head of AlAbraaj’s Bitcoin Treasury Committee. Isa added that the company believes “Bitcoin will play a central role in the future of finance.” He cited Strategy’s legacy as an inspiration: “We look forward to building the ‘MicroStrategy of the Middle East’ with their support.” Related: Strive to become Bitcoin treasury company A photo shared by the company on X shows a meeting between a company representative and Strategy chairman Michael Saylor. Company makes initial Bitcoin purchase AlAbraaj Restaurants Group made an initial investment of 5 BTC and announced the intention to keep accumulating more. The decision is reportedly a response to the evolving financial landscape and growing institutional interest. The company plans to allocate a significant portion of its corporate treasury to Bitcoin, making it its primary reserve asset. AlAbraaj said it prides itself on being profitable, with $12.5 million of earnings before interest, taxes, depreciation and amortization reported in 2024. The company also said it hopes to strengthen its portfolio and expand into the finance industry. As part of this initiative, it plans to develop its own Sharia-compliant financial instruments to tap the Islamic market. Related: Blockchain is the best fintech to ensure Sharia ethics — Web3 exec Backed by 10X Capital The firm’s partnership with 10X Capital eases its introduction into the Bitcoin market and digital asset treasury management. The same company advised Nakamoto in its recent $710 million raise. On May 12, healthcare services provider KindlyMD merged with Bitcoin-native holding company Nakamoto Holdings to form a BTC treasury also named Nakamoto. David Bailey, a crypto adviser to US President Donald Trump, founded the latter company. AlAbraaj Restaurants Group plans to rely on 10X Capital to help it raise more capital to acquire additional Bitcoin, increasing the BTC-per-share ratio for investors. 10X Capital CEO Hans Thomas highlighted that the deal provides potential Bitcoin exposure to the entire Gulf Cooperation Council: “The GCC has a combined GDP of over $2.2 trillion — larger than Canada, Russia, Italy, Brazil, Australia, South Korea, or Spain — and sovereign wealth exceeding $6 trillion, yet until now, lacked a public Bitcoin treasury company like MicroStrategy.“ Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review Source: https://cointelegraph.com/news/alabraaj-bitcoin-treasury-strategy-middle-east?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound