In a watershed moment for the Gulf capital market, Al Abraaj Restaurant Group (as Abraaj’s deal on Bahrain Bourse as Abraaj’s Bahrain Bourse) revealed Wednesday that it had transferred a portion of its company’s Treasury Department into Bitcoin, becoming the first publicly listed company to hold a password on its balance sheet in the Middle East.
Al Abraaj leads MENA with Bitcoin Treasury move
In a statement issued in Arabic, the food service operator said it “completed its historic first purchase of Bitcoin at its institution, the Ministry of Finance” and intended to “build a strategic, Sharia-compliant approach to the Islamic world, establishing a pathway for the Islamic world.” The company called the move “a move that makes the bulls need to completely regain the next clear area of higher impulses” and added on social media: “Al Abraaj has just become the first public company in the Middle East to adopt a Bitcoin treasury strategy.
To implement the strategy, Al Abraaj has partnered with a New York-based merchant bank 10 times the capital. The two companies said they would pursue additional capital raising so that restaurant chains can “add units per share of Bitcoin”, reflecting the script pioneered by MicroStrategy in the United States and recently by Japanese Metaplanet.
10X Capital also built an independent $710 million vehicle for Nakamoto – David Bailey, the company’s CEO, founded by Trump’s adviser and BTC Inc. – hopes to be able to list Nasdaq’s stock KDLY under nasdaq, positioning it as “executives” called “the largest aggregation platform for launching a precious strategy company.”
Management stressed its determination to meet Islamic funding requirements. Al Abraaj describes BTC as “innovation that can be carried out in a way that aligns with Islamic doctrine principles” and says the partnership with 10x capital aims to “get Bitcoin access from investors from Saudi Arabia, Kuwait, Qatar, Oman and Beyond” by purchasing Abraaj Shares from Bahrain Bourse.”
The decision made the 38-year-old restaurant group a rare company. Micro (NASDAQ:MSTR) and Tesla (NASDAQ:TSLA) sparked global headlines when they started converting excess cash into bitcoin, while Tokyo-listed Metaplanet (TSE:3350) (TSE:3350) (TSE:3350) adopted the same playbook in mid-2024, and their stock has another similar sale in mid-2024 sales. bay.
David Bailey, a partner in the 10x capital and a voice supporter of the company’s BTC adoption company, praised the deal on X: “Bitcoin Finance Ministry’s company Bahrain Kingdom. lfgggggggg.”
Although the initial allocation scale of Al Abraaj was not disclosed, management said further purchases were likely as it attempted to align the Treasury reserves with “long-term, hard disk monetary assets.”
Al Abraaj commented via X: “Scream to legend Michael Saylor – the conviction of your laser eyes ignited the road. Al Abraaj has just become the first publicly traded company in the Middle East to adopt a Bitcoin treasury strategy.
At press time, BTC traded at $102,732.
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