AlAbraaj Restaurants Group, a publicly traded catering company based in Bahrain with a market capitalization of $24.2 million, is the latest business to implement a Bitcoin treasury strategy.
On May 15, the company revealed its partnership with investment firm 10X Capital, aiming to allocate a portion of its corporate treasury towards Bitcoin. This move positions AlAbraaj as a pioneering advocate for Bitcoin adoption within the Middle East.
The initiative takes inspiration from MicroStrategy—now known as Strategy—which is recognized as the largest corporate holder of Bitcoin in the world.
AlAbraaj Aims to Emulate MicroStrategy in the Middle East
AlAbraaj expressed its aspiration to become the “MicroStrategy of the Middle East,” using the firm’s approach to long-term Bitcoin finance strategy as a benchmark.
“Our initiative to establish a Bitcoin treasury system demonstrates our commitment to forward-thinking strategies and enhancing shareholder value,” noted Abdullah Isa, chairman of AlAbraaj’s Bitcoin Treasury Committee.
Isa further emphasized the belief that Bitcoin will play a pivotal role in the evolving landscape of finance.
To initiate this strategy, AlAbraaj has purchased an initial 5 BTC and plans to expand its holdings over time.
This development signifies a noteworthy change in the regional corporate environment, providing Sharia-compliant access to Bitcoin while creating financial tools that align with Islamic finance principles.
Big shoutout to the legend Michael @saylor — your laser-eyed conviction lit the path. Al Abraaj just became the first public company in the Middle East to adopt a Bitcoin treasury strategy. We’re stacking sats for real.@davidfbailey@10xcapitalusa@bitcoinmagazine… pic.twitter.com/dhfq2ctnBM
— AlAbraaj Restaurants Group (@AbraajRestGroup) May 14, 2025
For the fiscal year 2024, AlAbraaj reported an EBITDA of $12.5 million and confirmed its profitability as it diversifies into the financial sector.
The company plans to develop a suite of Sharia-compliant financial products to engage with the wider Islamic market.
With backing from 10X Capital, which is advising on treasury management and Bitcoin acquisition strategies, AlAbraaj is poised for significant growth. 10X Capital recently facilitated a $710 million fundraising for Nakamoto Holdings, a new venture formed from the merger of KindlyMD and a Bitcoin-focused holding company.
CEO Hans Thomas, who leads 10X Capital, emphasized the importance of the AlAbraaj partnership within the context of the Gulf Cooperation Council, which boasts a combined GDP of $2.2 trillion and over $6 trillion in sovereign wealth.
“Until now, the region has been lacking a publicly-listed Bitcoin treasury company like MicroStrategy,” he remarked. AlAbraaj’s strategic move is expected to fill that void.
American Fast Food Chain to Accept Bitcoin Payments
In related news, American fast-food chain Steak ‘n Shake announced last week that it will start accepting Bitcoin as a payment option across all its locations in the United States as of May 16.
Additionally, the crypto payments platform Mesh introduced its integration with Apple Pay, enabling merchants to accept cryptocurrency via the widely-used payment method.
This partnership comes as payment processing companies continue to explore opportunities within the digital asset space.
More recently, global payments giant Stripe revealed it is working on a U.S. dollar-backed stablecoin designed for companies conducting business outside of the United States, the United Kingdom, and Europe. This announcement follows Stripe’s receipt of regulatory approval to acquire Bridge, a stablecoin payments network poised to compete with traditional banking and SWIFT-based transactions.
Former Twitter CEO Jack Dorsey has also advocated for Bitcoin integration, urging Signal Messenger to enable peer-to-peer Bitcoin transactions.
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