Source: Cointelegraph
Original: “Bahrain's AlAbraaj Restaurants Group Adopts Bitcoin (BTC) Treasury Strategy”
The Bahrain-listed restaurant company AlAbraaj Restaurants Group, with a market capitalization of $24.22 million, has partnered with investment firm 10X Capital to adopt a Bitcoin (BTC) treasury strategy.
According to an announcement on May 15, AlAbraaj Restaurants Group has collaborated with 10X Capital to implement a Bitcoin treasury strategy similar to that of top corporate BTC holder Strategy (formerly MicroStrategy). The company also aims to explore ways to provide Sharia-compliant access to Bitcoin for the Islamic world.
Abdullah Isa, head of the AlAbraaj Bitcoin Reserve Committee, stated, “Our initiative to become a Bitcoin reserve company reflects our forward-looking approach and commitment to enhancing shareholder value.”
Isa added that the company believes “Bitcoin will play a core role in the future of finance.” He specifically mentioned the legacy of Strategy as a source of inspiration:
“We look forward to building the ‘Strategy of the Middle East’ with their support.”
A photo shared by the company on X showed representatives meeting with Strategy chairman Michael Saylor.
AlAbraaj Restaurants Group initially invested in 5 BTC and announced plans to continue accumulating more. This decision is reportedly a response to the changing financial landscape and growing institutional interest.
The company plans to allocate a significant portion of its corporate reserves to Bitcoin, making it a primary reserve asset. The company prides itself on profitability, with a reported EBITDA of $12.5 million for 2024.
The company also expressed a desire to strengthen its portfolio and expand into the financial sector. As part of this initiative, it plans to develop its own Sharia-compliant financial instruments to tap into the Islamic market.
The partnership with 10X Capital helps them gain easier access to the Bitcoin market and manage digital asset reserves. The same firm recently provided consulting in Nakamoto's $710 million financing.
On May 12, healthcare provider KindlyMD merged with Bitcoin-native holding company Nakamoto Holdings to create a BTC reserve named Nakamoto. The latter was founded by David Bailey, a cryptocurrency advisor to U.S. President Donald Trump.
AlAbraaj Restaurants Group also hopes to rely on 10X Capital to help raise more funds to purchase additional Bitcoin, increasing the per-share BTC ratio for investors. 10X Capital CEO Hans Thomas emphasized that this deal provides potential Bitcoin exposure for the entire Gulf Cooperation Council:
“The total GDP of the Gulf Cooperation Council exceeds $2.2 trillion—larger than Canada, Russia, Italy, Brazil, Australia, South Korea, or Spain—with sovereign wealth exceeding $6 trillion, yet until now, there has been a lack of public Bitcoin reserve companies like MicroStrategy.”
Related: Reports indicate that Ukraine's Bitcoin (BTC) strategic reserve bill has entered its final review stage.
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