- Al Abraj becomes Bahrain’s first listed firm to adopt Bitcoin for treasury.
- Partners with U.S.-based 10X Capital to expand digital asset investments.
- Move signals rising corporate interest in Bitcoin across the Middle East.
In a development that reflects changing financial trends in the Middle East, Al Abraj Restaurants Group, a company listed on the Bahrain Bourse, has reportedly added Bitcoin to its balance sheet. This signals that the Bahraini corporate sector is starting to consider cryptocurrencies as a potential asset class. Al Abraj made this news public on their official X account.
Al Abraj Partners with 10X Capital to Invest in Bitcoin
The firm revealed on May 15 that it had formed a strategic alliance with 10X Capital, a well-regarded company in the United States celebrated for its expertise in the field of digital currencies. Al Abraj has entered into a relationship with 10X Capital to invest part of its treasury in Bitcoin. They have started with five Bitcoins and plan to steadily build their investment in the digital asset.
Despite receiving little attention, the move is seen as a first in Bahrain and the region for a listed company to adopt Bitcoin for treasury purposes. This is similar to the approach established by other major companies around the world that have adopted Bitcoin in managing their treasury.
According to financial statements, Al Abraj is currently performing well. The company is believed to have achieved pre-tax and interest profit of more than $12 million in 2024. The company appears to be using the Bitcoin investment as a step towards expanding its financial portfolio and finding alternative avenues for investment gains.
In addition, they are committed to finding innovative ways for the Islamic finance community in the Middle East to embrace Bitcoin as a viable investment opportunity. This approach looks to enable more people, including those adhering to Sharia law, to access virtual currencies.
Al Abraj intends to collaborate with 10X Capital to identify innovative methods for securing funds to buy even more Bitcoin. The investment firm has played a crucial role in several significant digital asset transactions and is expected to share its expertise and knowledge with Al Abraj.
Al Abraj Forms Committee to Oversee Bitcoin Treasury Plans
The decision was made with scrutiny of local financial rules and legislation. Bahrain’s supportive regulations may have encouraged Al Abraj to take on such an initiative. Al Abraj emphasized its commitment to upholding every regulation concerning cryptocurrency reporting and trading. A specialized committee will be formed to monitor the group’s strategies and actions regarding Bitcoin. The policies will cover matters such as asset security, accurate disclosure practices and potential risks associated with holding Bitcoin.
The head of the Bitcoin Treasury Committee said this decision shows the company’s future direction. Moreover, it aims to benefit shareholders through smart financial strategies. Although the media has not widely covered the news, the company remains focused on modern finance. As a result, it plans to embrace digital innovation for the long term.
As a result, Al Abraj’s decision could indicate that the region as a whole is starting to embrace innovations in the digital assets field. More firms in the Middle East are likely to adopt similar strategies as cryptocurrencies gain popularity across the world. As a result, the progressive attitude toward financial innovation in Bahrain could fuel this trend across the region.
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