Bahraini company AlAbraaj Restaurants to start investing in Bitcoin
Bahrain-listed AlAbraaj Restaurants Group has become the latest corporate player to adopt Bitcoin as a reserve asset, unveiling a treasury strategy inspired by MicroStrategy and backed by investment firm 10X Capital.
The move marks the first of its kind for a publicly traded company in the Gulf region, reports Cointelegraph.
With a market cap of $24.2 million and EBITDA of $12.5 million in 2024, AlAbraaj made an initial purchase of 5 BTC and committed to further Bitcoin accumulation. The firm’s new Bitcoin Treasury Committee is spearheaded by Abdullah Isa, who described the move as both “forward-looking” and aligned with efforts to enhance shareholder value.
Modeling the Middle East’s first Bitcoin treasury company
AlAbraaj’s strategy takes direct inspiration from MicroStrategy — now known as Strategy — the top corporate holder of Bitcoin globally. The company even posted a photo of a recent meeting with Strategy chairman Michael Saylor.
“We look forward to building the ‘MicroStrategy of the Middle East’ with their support,” said Isa. The company plans to make Bitcoin its primary reserve asset, while developing Sharia-compliant financial instruments to support broader adoption in the Islamic world.
10X Capital provides financial and advisory support
AlAbraaj’s partnership with 10X Capital is central to the initiative. The investment firm, which recently advised Bitcoin-native Nakamoto Holdings on a $710 million raise, will assist in managing treasury strategy, future BTC acquisitions, and potential capital raises.
10X Capital CEO Hans Thomas emphasized the opportunity, noting that the Gulf Cooperation Council — with over $6 trillion in sovereign wealth — has lacked a public-facing Bitcoin treasury company until now.
Islamic finance meets Bitcoin adoption
As part of its broader ambitions, AlAbraaj is eyeing expansion into digital finance with a focus on Islamic markets. The company aims to develop products that meet Sharia standards, unlocking access to previously underserved regions of the crypto economy.
The announcement positions AlAbraaj as a regional pioneer, combining corporate Bitcoin adoption with the unique regulatory and cultural considerations of the Middle East.
Recently we wrote that Maldives is making a dramatic pivot from its traditional tourism-driven economy by investing in blockchain technology and digital assets.
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