Al Abraaj Group has become the first publicly listed company in the Middle East to adopt Bitcoin as a treasury asset, starting with an initial purchase of 5 BTC.
The Bahrain-based conglomerate announced its decision on Thursday, stating that the move is part of a broader long-term strategy to maximize shareholder value.
Pioneering Bitcoin Adoption in the Gulf
Abdullah Isa, the head of Al Abraaj’s Bitcoin Treasury Committee, described the acquisition as a reflection of the company’s forward-looking approach.
“We believe that Bitcoin will play a central role in the future of finance, and we are pleased to be at the forefront of this shift in the Kingdom of Bahrain.”
The firm also plans to increase its Bitcoin holdings over time, mirroring the aggressive strategies of companies like MicroStrategy and Tesla.
Strategic Partnership with 10X Capital
To execute its Bitcoin strategy, Al Abraaj is partnering with New York-based investment firm 10X Capital. According to Hans Thomas, CEO of 10X Capital, the partnership allows investors in the Gulf Cooperation Council (GCC) region to gain indirect Bitcoin exposure via Al Abraaj’s publicly traded stock.
The company is also exploring Shariah-compliant financial products to enable Islamic investors to access Bitcoin through legitimate financial channels, aligning with Central Bank of Bahrain regulations.
Al Abraaj’s move marks a significant shift in Middle Eastern corporate finance, positioning the company as a pioneer for Bitcoin adoption in the region.
For more updates and analysis on institutional Bitcoin adoption, visit TheCoinInfo.
