Bahrain-based publicly listed catering company with a $24.22 million market cap has adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital.
According to a May 15 announcement, AlAbraaj Restaurants Group partnered with 10X Capital to adopt a Bitcoin (BTC) treasury strategy similar to top corporate BTC holder Strategy, previously known as MicroStrategy. The firm also aims to explore Sharia-compliant access to Bitcoin for the Islamic world.
“Our initiative to become a Bitcoin treasury company reflects our forward-looking approach and our commitment to enhancing shareholder value,” Abdullah Isa, head of AlAbraaj’s Bitcoin Treasury Committee, said.
Isa added that the company believes that “Bitcoin will play a central role in the future of finance.” He explicitly cited Strategy’s legacy as an inspiration:
“We look forward to building the ‘MicroStrategy of the Middle East’ with their support.”
Related: Strive