Al Abraaj Restaurants Group (Bahrain: ABRAAJ) Announces it has Become the First Bitcoin Treasury Company in the Middle East

Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) ("Company"), a public listed company on the Bahrain Bourse, is pleased to announce 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. 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 will build on this initial purchase and begin allocating a significant portion of its corporate treasury into Bitcoin. Al Abraaj considers Bitcoin to be its reserve treasury asset. Al Abraaj is a profitable company, with 2024 EBITDA of USD $12.5 million. This move is designed to enhance the company's asset portfolio and capitalize on emerging opportunities within the capital markets.​ Al Abraaj aims to innovate with Shari'a-compliant financial instruments to give the Islamic world broader exposure to Bitcoin.

The Company has partnered with 10X Capital, the NYC-based investment firm with a track record of managing treasury assets for publicly listed companies, and advising and capitalizing listed Bitcoin Treasury Companies, including most recently advising Nakamoto on its $710M financing (Nasdaq:KDLY), the largest capital raise to launch a Bitcoin Treasury Company and the largest private placement for any public bitcoin-related transaction ever. In collaboration with 10X, the Company plans to raise capital to acquire additional Bitcoin, with a goal of maximizing 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). Al Abraaj Restaurants Group B.S.C. is committed to full compliance with all applicable laws and regulations, including those pertaining to digital asset transactions and disclosures.​

"Our initiative towards becoming a Bitcoin Treasury Company reflects our forward-thinking approach and dedication to maximizing shareholder value," said Abdulla Isa, Chairman of the Bitcoin Treasury Committee of Al Abraaj Restaurants Group B.S.C.. "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."​

"I'd like to congratulate Abdalla Isa and the team at Al Abraaj for adopting Bitcoin at the corporate treasury level, finally enabling anyone in the GCC with a brokerage account to gain Bitcoin exposure," said Hans Thomas, CEO of 10X Capital. "Bahrain continues to be a leader in the Middle East in Bitcoin adoption, backed by a forward-thinking regulatory framework." Mr. Thomas added, "The GCC, with a combined GDP of $2.2 trillion-larger than Canada, Russia, Italy, Brazil, Australia, South Korea, or Spain-over $6 trillion in sovereign wealth funds, and a population of just 57.6 million, has until now lacked a publicly listed Bitcoin treasury company like Strategy (Nasdaq: MSTR), Tesla (Nasdaq: TSLA), or Metaplanet (Tokyo: 3350.T). That changes today with ABRAAJ's historic Bitcoin purchase, giving investors across Bahrain, Saudi Arabia, UAE, Kuwait, Qatar, and Oman access to Bitcoin through a publicly traded stock. In fact, almost anyone in the world can buy ABRAAJ stock by registering with the Bahrain Bourse."

Al Abraaj Restaurants Group B.S.C. will implement robust custody, portfolio risk management and governance policies to oversee its Bitcoin holdings, including by creating a Bitcoin Committee that will consist of experienced Bitcoin investors and portfolio managers and global capital markets experts. The company intends to provide regular updates to shareholders and stakeholders regarding its Bitcoin-related activities.​

This strategic initiative underscores Al Abraaj Restaurants Group B.S.C.'s commitment to innovation, diversification, and long-term growth. The company looks forward to contributing to the development of Bahrain's digital economy and establishing its position as a leader in the region's financial sector.​

Al Abraaj Restaurants Group
Shop 134, Road 83, Sehla Highway Jeblat Hibshi, Block 433, 433
Phone: 1759 6161
BTC@alabraajgroup.com

About Al Abraaj Restaurants Group B.S.C.
Al Abraaj Restaurants Group B.S.C. is a 38-year old, profitable hospitality firm listed on the Bahrain Bourse. The company is dedicated to delivering value to its shareholders through strategic investments and innovative financial solutions.​
For more details, please contact: BTC@alabraajgroup.com

About 10X Capital
10X Capital is a New York-based investment firm, and one of the most active technology investors globally, aligning Wall Street with Silicon Valley, and beyond. Founded by pioneering digital currency and fintech entrepreneur Hans Thomas (founding team, InternetCash), senior leadership includes Dr. Russell Read (former CIO, CalPERS, Alaska Permanent Fund, Gulf Investment Corporation), Austin Alexander (NY Bitcoin Center, Kraken), Alexander Monje (DWAC - Nasdaq:$DJT), and Max Staedtler (Goldman Sachs, Coinbase listing). With capabilities in asset management, treasury management, and investment banking, the firm takes a holistic merchant banking approach to Digital Assets Treasury Companies, to help develop capital markets strategies with global reach. 10X's Bitcoin-related portfolio companies include Milo.io, Bitwise, Bitpay, Valkyrie (acquired by Coinshares), Makara (acquired by Betterment), PrimeBlock (acquired by Cleanspark) and Worldcoin.
For more information, visit https://www.10XCapital.com/.

This release was published on openPR.