Bahrain's Al Abraaj Makes History as First Middle East Public Company to Adopt Bitcoin
Al Abraaj Restaurants Group B.S.C., a pioneering company based in Bahrain, has made history by becoming the first publicly traded entity in the Middle East to adopt Bitcoin as a treasury reserve asset. The move, which aligns with the company's forward-thinking approach, was announced under the regulatory oversight of the Central Bank of Bahrain (CBB).
The company, led by Abdulla Isa, Chairman of the Bitcoin Treasury Committee, has acquired 5 Bitcoin for its balance sheet. This strategic investment is a response to growing institutional interest in Bitcoin and a regional shift towards digital assets. Al Abraaj has partnered with 10X Capital, a New York-based investment firm, to facilitate this transition to Bitcoin treasury management.
The GCC, with a combined GDP of $2.2 trillion and over $6 trillion in sovereign wealth funds, lacked a publicly listed Bitcoin treasury company until Al Abraaj's purchase. The company's adoption of robust custody, risk management, and governance protocols ensures the security and integrity of its Bitcoin holdings.
Al Abraaj's groundbreaking initiative enables Bitcoin exposure for anyone in the GCC with a brokerage account, as noted by Hans Thomas, CEO of 10X Capital. The company's commitment to maximizing shareholder value is evident in this strategic move, making it the first in Bahrain, the GCC, and the wider Middle East to publicly hold Bitcoin on its balance sheet.
