Al Abraaj’s Groundbreaking Bitcoin Integration: Pioneering Cryptocurrency Adoption in the Middle East
The Middle East’s financial landscape witnessed a transformative event as Al Abraaj Restaurants Group, trading under ABRAAJ on the Bahrain Bourse, announced a strategic shift by incorporating Bitcoin into its corporate treasury. This move positions Al Abraaj as the first publicly listed entity in the region to embrace cryptocurrency, marking a pivotal moment for Gulf capital markets.
Al Abraaj Sets a New Standard in MENA’s Financial Sector
In an official Arabic statement, Al Abraaj, a leading food-services provider, revealed its inaugural Bitcoin acquisition within its institutional treasury. The company envisions forging a strategic, Sharia-compliant pathway to Bitcoin, aiming to resonate with the Islamic financial community. This pioneering step is perceived as a crucial zone for Bitcoin bulls to regain momentum, as Al Abraaj declared on social platforms: “We’ve officially become the first public entity in the Middle East to integrate a Bitcoin treasury strategy, demonstrating our commitment to this digital asset.”
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Strategic Partnership with 10X Capital
To execute this innovative strategy, Al Abraaj has collaborated with New York-based merchant bank 10X Capital. Together, they intend to pursue further capital raising endeavors to enhance the Bitcoin holdings per share, emulating the successful strategies of MicroStrategy in the U.S. and Japan’s Metaplanet.
Furthermore, 10X Capital is crafting a separate $710 million fund for Nakamoto, a venture founded by Trump advisor and BTC Inc. CEO David Bailey, with aspirations to list on Nasdaq under the ticker KDLY. This initiative aims to establish a leading platform for companies adopting Bitcoin treasury strategies.
Aligning with Islamic Finance Principles
Al Abraaj is dedicated to fulfilling Islamic finance requirements, describing Bitcoin as an innovative asset compatible with Sharia principles. The strategic alliance with 10X Capital seeks to broaden Bitcoin access for investors across Saudi Arabia, Kuwait, Qatar, Oman, and other regions, facilitated through ABRAAJ shares on the Bahrain Bourse.
The decision aligns Al Abraaj with an elite group of companies like MicroStrategy and Tesla, who have garnered global attention by converting surplus cash into Bitcoin. Following in their footsteps, Tokyo-listed Metaplanet embraced a similar approach in 2024, resulting in outstanding stock performance. Al Abraaj anticipates similar market rewards for its strategic move in the Gulf region.
Endorsements and Future Plans
David Bailey, a partner at 10X Capital and an advocate for corporate Bitcoin adoption, praised the agreement on social media, emphasizing the historical significance of the partnership with Bahrain.
While the exact size of Al Abraaj’s initial Bitcoin investment remains undisclosed, the company has indicated plans for additional acquisitions to align its treasury assets with a long-term monetary strategy. In a social media statement, Al Abraaj acknowledged the influence of Michael Saylor, stating: “A big shoutout to Michael Saylor — your unwavering conviction inspired our path.”
Current Bitcoin Market Status
As of the latest update, Bitcoin traded at $102,732, showcasing its resilience and potential in the evolving financial market.
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