Abraaj Restaurant becomes the first Bitcoin Treasury company in the Middle East
Al Abraaj Restaurant Group BSC has become the first publicly traded company in the region to adopt Bitcoin as a Treasury Bills asset, announced today. The Bahrain-based hotel company announced today that it has purchased a balance sheet of five bitcoins and plans to significantly increase its allocation over time.
“Our initiative to become a Bitcoin Treasury reflects our forward-looking approach and dedication to maximizing shareholder value,” said Abdulla Isa, chairman of the Bitcoin Treasury Committee at Al Abraaj. “We believe that Bitcoin will play a key role in the future of finance and we are excited to be at the forefront of this transition in the Kingdom of Bahrain. 10X is a de facto leader in advising listed Bitcoin Treasury companies and bringing capital into listed capital, and we welcome their partnership to help us build Microstrate’s Middle East.”
The decision made Abraj not only the first in Bahrain, but also the GCC and the Middle East, the wider Middle East, openly occupying Bitcoin’s balance sheet. This investment is a direct reaction to Bitcoin’s growing institutional interests and in a situation where it appears to be a regional shift toward digital assets.
Abraaj has a strategic partner in transition as 10 times Capital, a New York-based investment company with a strong track record in the financial management of digital assets. Ten times ago, it provided $710 million in Bitcoin-focused financing for companies such as Nakamoto.
“I want to congratulate Abdalla Isa and Al Abraaj’s team on adopting Bitcoin at the corporate finance ministry, which ultimately gives anyone in the GCC a broker account to get Bitcoin exposure,” said Hans Thomas, CEO of 10x Capital. “Bahrain continues to be a support for a forward-looking regulatory framework among the Middle East leaders adopted by Bitcoin.”
Thomas added: “GCC’s total GCC GDP is $2.2 trillion, with over $6 trillion of sovereign wealth funds, and so far there has been a lack of a publicly listed Bitcoin finance company such as Strategy, Tesla or Metaplanet.
Abraaj said it will continue to work under the regulatory supervision of the Central Bank of Bahrain (CBB) and promises full compliance with all digital asset trading laws. The company will adopt strong custody, risk management and governance solutions for its Bitcoin holdings.
Disclosure: Nakamoto has partnered with Bitcoin Magazine’s parent company BTC Inc to establish the first global network of Bitcoin finance companies, in which BTC Inc provides certain marketing services to Nakamoto. More information about this can be found here.
