- 10X Capital is a New York–based investment firm.
- It specializes in helping companies manage Bitcoin treasuries.
- The firm recently advised Nakamoto, a Bitcoin treasury company, on a $710 million fundraising round.
Al Abraaj Group, one of Bahrain’s most recognized food chains, has become the first publicly listed company in the country, and the entire Middle East, to adopt a Bitcoin treasury strategy.
Al Abraaj has partnered with the U.S.-based investment firm 10X Capital. The partnership aims to follow a strategy similar to those used by MicroStrategy and Metaplanet, while offering Sharia-compliant exposure to Bitcoin for investors in the Islamic world.
The company made a historic move by purchasing Bitcoin for its corporate reserves, marking a first of its kind step for a public company in the region.
How Much Bitcoin Did Al Abraaj Buy?
Al Abraaj has acquired 5 Bitcoins as an initial purchase. The company intends to increase this amount and allocate a larger part of its treasury into Bitcoin over time, in line with global trends and the growing interest in digital assets.
Abdulla Isa, Chairman of the Bitcoin Treasury Committee at Al Abraaj, explained to local media the company’s vision, saying that they believe “Bitcoin will play a pivotal role in the future of finance,” and expressed pride in being part of that shift. He added, “We are excited to be at the forefront of this transformation in the Kingdom of Bahrain. 10X is a proven leader in advising and bringing capital to listed Bitcoin Treasury Companies, and we welcome their partnership in helping us build the MicroStrategy of the Middle East.”
How Will This Help People in the MENA Region?
To manage this new direction responsibly, Al Abraaj will set up strong rules for custody, risk management, and governance of its Bitcoin assets. A dedicated Bitcoin Committee made up of experienced Bitcoin investors, portfolio managers, and global capital markets experts will be created. The company has also committed to providing regular updates to shareholders and stakeholders on its Bitcoin-related activities.