Bahrain hospitality firm Al Abraaj Restaurants Group adds bitcoin to treasury

The company claims to be the first in the Middle East to do so.

Bahrain-listed hospitality firm Al Abraaj Restaurants Group B.S.C. has announced that it has purchased Bitcoin for its balance sheet, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (GCC), and the Middle East to acquire Bitcoin as a treasury asset.

According to the company, this initiative marks a significant step in the company’s commitment to innovation and diversification.​

Al Abraaj has acquired an initial amount of 5 Bitcoin. In alignment with the evolving financial landscape and the growing institutional interest in Bitcoin, Al Abraaj plans to build on this initial purchase and begin allocating a significant portion of its corporate treasury into Bitcoin.

The group said it considers Bitcoin to be its reserve treasury asset.

The company has partnered with 10X Capital, the NYC-based investment firm. In collaboration with 10X, the company plans to raise capital to acquire additional Bitcoin, with a goal of maximising Bitcoin per share.

The decision to begin purchasing Bitcoin as a treasury asset follows comprehensive due diligence and aligns with the innovative regulatory framework established by the Central Bank of Bahrain (CBB).

“We believe that Bitcoin will play a pivotal role in the future of finance, and we are excited to be at the forefront of this transformation in the Kingdom of Bahrain. 10X is a proven leader in advising and bringing capital to listed Bitcoin Treasury Companies, and we welcome their partnership in helping us build the MicroStrategy of the Middle East,” said Abdulla Isa, Chairman of the Bitcoin Treasury Committee of Al Abraaj Restaurants Group B.S.C..

Al Abraaj Restaurants Group B.S.C. is a 38-year-old hospitality firm listed on the Bahrain Bourse. It manages 15 restaurant brands, of which there are 40 outlets.