It was announced today that Al Abraaj Restaurants Group BSC has become the first public company in the region to adopt Bitcoin as a financial reserve asset. The Bahrain-based hospitality company today announced that it has acquired 5 Bitcoin for its balance sheet.
“Our initiative to become a Bitcoin treasury company reflects our advanced approach and dedication to maximizing shareholder value,” said Abdulla Isa, chairman of the Bitcoin Treasury Committee at Al Abraaj. “We believe that Bitcoin will play a pivotal role in the future of finance and are excited to be at the forefront of this transformation in the Kingdom of Bahrain.
This decision will not only make Abraaj the first in Bahrain, but also publicly hold Bitcoin on its balance sheet in the GCC and the wider Middle East. This investment comes in a direct response to growing institutional interest in Bitcoin, among what appears to be a regional shift towards digital assets.
Abraaj’s strategic partner in the transition is Capital, a New York-based investment company with a strong track record in digital asset financial management. Before 10x, he advised on a $710 million Bitcoin-focused funding round like Nakamoto.
“We’re looking forward to seeing you in the future,” said Hans Thomas, CEO of 10X Capital. “Bahrain remains the Middle East’s leader in Bitcoin adoption, backed by a leading regulatory framework.”
Thomas added: “The GCC has a total GDP of sovereign wealth funds of $2.2 trillion and over $6 trillion, with previously Bitcoin financing companies such as Strategy, Tesla and Metaplanet being public.
Abraaj said it will continue to work under the regulatory oversight of the Bahrain Central Bank (CBB) and pledges to fully comply with all Digital Asset Transactions Acts. The company will employ robust custody, risk management and governance protocols for Bitcoin Holding.
Disclosure: Nakamoto is working with BTC Inc, the parent company of Bitcoin Magazine, to build the first global network of Bitcoin Treasury Companies, where BTC Inc offers specific marketing services to Nakamoto. More details about this can be found here.
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