The Bahrain-listed dining group AlAbraaj announced that it has implemented a Bitcoin reserve strategy through a partnership with the investment firm 10X Capital, having purchased 5 BTC as an initial investment. The company has a market capitalization of $24.2 million, with an EBITDA of $12.5 million for 2024, and plans to primarily allocate corporate funds to Bitcoin while developing Sharia-compliant financial products to expand into the Middle East market.
Abdullah Isa, head of the company's Bitcoin committee, stated that the goal is to become the "MicroStrategy of the Middle East," citing Michael Saylor's operational model as a reference. The CEO of 10X Capital pointed out that this move fills the gap of publicly listed companies with Bitcoin reserves in the Gulf Cooperation Council (with a total GDP of $2.2 trillion).
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The Bahrain-listed dining group AlAbraaj announced that it has implemented a Bitcoin reserve strategy through a partnership with the investment firm 10X Capital, having purchased 5 BTC as an initial investment. The company has a market capitalization of $24.2 million, with an EBITDA of $12.5 million for 2024, and plans to primarily allocate corporate funds to Bitcoin while developing Sharia-compliant financial products to expand into the Middle East market.
Abdullah Isa, head of the company's Bitcoin committee, stated that the goal is to become the "MicroStrategy of the Middle East," citing Michael Saylor's operational model as a reference. The CEO of 10X Capital pointed out that this move fills the gap of publicly listed companies with Bitcoin reserves in the Gulf Cooperation Council (with a total GDP of $2.2 trillion).