Today, it was announced that Al Abraaj Restaurants Group BSC has become the first listed company in the region to adopt Bitcoin as a Treasury’s reserve asset. The Bahrain-based hospitality company announced today that it has acquired 5 Bitcoin for its balance, with plans to significantly increase its allocation over time.
“Our initiative to become a Bitcoin Treasury company reflects our forward approach and dedication to maximizing shareholder value,” said Abdulla Isa, president of the Bitcoin Treasury Committee in Al Abraaj. “We believe that Bitcoin will play a key role in the future of the finance, and we are pleased to be at the forefront of this transformation in the Kingdom of Bahrain. 10x is a proven leader in counseling and brings capital to listed Bitcoin Treasury companies, and we welcome their partnership to help us build Microstratey of the Middle East.”
The decision makes Abraaj not only the first in Bahrain, but also in GCC and a wider Middle East, to publicly keep Bitcoin on his balance. The investment is a direct response to growing institutional interest in Bitcoin and comes in the midst of what seems to be a regional shift against digital assets.
Abraajj’s strategic partner in the transition is 10x Capital, a New York-based investment company with a strong track record in digital asset treasury. 10x advised former companies such as Nakamoto on its $ 710 million Bitcoin-focused financing round.
“I would like to congratulate Abdalla Isa and the team at Al Abraaj for adopting Bitcoin at the corporate box level, which finally enabled someone in GCC with a broker account to get Bitcoin exposure,” said Hans Thomas, CEO of 10x Capital. “Bahrain remains a leader in the Middle East in Bitcoin-Adoption, supported by a forward-thinking regulatory framework.”
Thomas added, “GCC, with a total GDP of $ 2.2 trillion and over $ 6 trillion in sovereign wealth funds, has so far been missing a listed Bitcoin tax company such as strategy, Tesla or Metaplanet. It is changing today with Abraajj’s historic Bitcoin purchase.”
Abraaj said it will continue to work under the regulatory supervision of the Central Bank of Bahrain (CBB) and has promised full compliance with all the laws of digital active transaction. The company will adopt robust custody, risk management and government protocols for its Bitcoin stocks.
Disclosure: Nakamoto is partnership with Bitcoin Magazine’s parent company BTC Inc to build the first global network of Bitcoin Treasury companies where BTC Inc provides certain marketing services to Nakamoto. More information about this can be found here.