Abraaj Restaurants Makes History as First Bitcoin Treasury Company in the Middle East
In a groundbreaking move, Al Abraaj Restaurants Group B.S.C. has set a new milestone by becoming the first publicly traded company in the Middle East to embrace Bitcoin as a treasury reserve asset. This Bahrain-based hospitality firm has acquired 5 Bitcoin for its balance sheet, with plans for a progressive increase in its Bitcoin allocation.
This strategic decision not only positions Abraaj as a trailblazer in Bahrain but also within the GCC and broader Middle East region, where holding Bitcoin publicly on the balance sheet was previously uncommon. The move reflects a growing trend of institutional interest in Bitcoin and a shift towards digital asset adoption in the region.
Partnering with 10X Capital, a renowned New York-based investment firm specializing in digital asset treasury management, Abraaj aims to leverage their expertise and experience in this evolving landscape. This partnership is a significant step forward in enabling broader Bitcoin exposure for individuals in the Gulf Cooperation Council (GCC) through brokerage accounts.
According to Abdulla Isa, Chairman of the Bitcoin Treasury Committee at Al Abraaj, this initiative underpins their forward-thinking approach and commitment to enhancing shareholder value. The company’s vision aligns with the belief that Bitcoin will play a crucial role in the future of finance, positioning them at the forefront of financial transformation in Bahrain.
By securing regulatory oversight from the Central Bank of Bahrain (CBB) and committing to comply with digital asset transaction laws, Abraaj demonstrates its dedication to operational excellence in managing its Bitcoin holdings. The company emphasizes the implementation of rigorous custody, risk management, and governance protocols to safeguard its digital assets.
The move by Abraaj Restaurants in becoming a Bitcoin Treasury Company signifies a significant milestone, not only for the company itself but for the broader cryptocurrency ecosystem in the Middle East. As regional interest and adoption of digital assets continue to grow, Abraaj’s bold move sets a precedent for other companies to explore similar opportunities.
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