Bahrain-based AlAbraaj Restaurants adopts Bitcoin treasury strategy

AlAbraaj Restaurants Group, a publicly listed Bahraini catering firm, has adopted a Bitcoin treasury strategy with plans to expand into Sharia-compliant finance.

A Bahrain-based, listed catering company with a $24.2 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,” said Abdullah Isa, head of AlAbraaj’s Bitcoin Treasury Committee.

Read more