Al Abraaj Group, a company based in Bahrain, has made a bold move by becoming the first public company in the Middle East to embrace Bitcoin as a treasury asset. This decision follows in the footsteps of notable companies like MicroStrategy and Tesla, who have also incorporated Bitcoin into their financial strategies. The company kicked off this new initiative by purchasing 5 Bitcoin (BTC) and has expressed its intention to acquire more in the future as part of a long-term plan to increase shareholder value.
Abdullah Isa, who heads the Bitcoin Treasury Committee at Al Abraaj, highlighted the forward-thinking nature of the company in a press release on Thursday. He stated that they firmly believe in the significant role that Bitcoin will play in the future of finance. Isa expressed his pleasure in being at the forefront of this financial shift in the Kingdom of Bahrain. To facilitate the implementation of their Bitcoin strategy, Al Abraaj Group has partnered with 10X Capital, an investment firm based in New York. The collaboration aims to raise additional funds to support the continued acquisition of Bitcoin and increase the number of BTC units associated with each share.
Hans Thomas, the CEO of 10X Capital, emphasized the accessibility of Bitcoin through Al Abraaj’s balance sheet, noting that individuals in the Gulf Cooperation Council with brokerage accounts now have the opportunity to invest in the cryptocurrency through a publicly traded stock. Additionally, Al Abraaj is exploring Shariah-compliant financial tools to provide the Islamic world with legitimate access to Bitcoin. The company made it clear that its decision to adopt Bitcoin followed internal reviews and is in compliance with the regulations set forth by the Central Bank of Bahrain. This move marks a significant milestone for Al Abraaj Group and sets a precedent for other companies in the region to consider diversifying their treasury assets with digital currencies.
