AlAbraaj Restaurants Group, a leading Bahraini food services firm listed on the Tokyo Exchange, has become the first publicly traded company in the Middle East to embrace a Bitcoin treasury strategy.
The firm revealed on May 15 that it has begun allocating part of its corporate cash reserves into Bitcoin, kicking off the program with a 5 BTC purchase and support from U.S. investment firm 10X Capital.
AlAbraaj Charts a New Course Inspired by MicroStrategy
Taking cues from U.S.-based Strategy (formerly MicroStrategy), AlAbraaj says it plans to build a long-term Bitcoin strategy as a hedge against currency risk and inflation, while offering investors exposure to digital sound money.
“We’re setting the stage for a new financial era,” said Abdullah Isa, chair of the company’s Bitcoin Treasury Committee. “Just like Strategy redefined capital reserves for tech companies, we aim to do the same here in the Gulf, while respecting Islamic finance standards.”
AlAbraaj’s move is historic for the Middle East. The company is now not only embracing Bitcoin but also working to develop Sharia-compliant crypto investment products. The firm believes Bitcoin’s role in the financial system will only grow, particularly in jurisdictions where decentralized finance aligns with local values.
10X Capital Lends Strategic Support
The initiative is being led in partnership with 10X Capital, an investment firm with a track record in Bitcoin-focused ventures and political advisory. The firm’s CEO, Hans Thomas, emphasized that this collaboration represents “a landmark moment for Middle Eastern finance.”
“With trillions in sovereign wealth and no regional equivalent to MicroStrategy—until now—AlAbraaj is stepping into a first-mover role,” Thomas explained. He said the firm’s involvement would help build Bitcoin-native treasury solutions that align with institutional best practices.
Thomas previously advised Nakamoto Holdings, which recently raised $710 million through a pro-Bitcoin strategy that fused healthcare and digital finance.
AlAbraaj Plans Expansion into Crypto Finance
In 2024, AlAbraaj posted $12.5 million in EBITDA, solidifying its position as one of Bahrain’s most profitable public firms. Now, with crypto finance as its next focus, the company plans to roll out a full suite of financial tools including halal Bitcoin savings accounts, blockchain-based trade finance solutions, and SME lending programs powered by crypto collateral.
The company will also explore building a regional crypto-native exchange and staking services, in line with Gulf nations’ push for financial digitization.
Bitcoin Adoption Accelerates Across Global Brands
In parallel developments, Steak ‘n Shake in the U.S. announced plans to accept Bitcoin at all domestic outlets, beginning May 16. The American diner joins a growing list of merchants embracing Bitcoin as payment.
Crypto payment firm Mesh recently integrated with Apple Pay, giving millions of users an easy way to spend digital assets in stores and online.
Payment juggernaut Stripe is also ramping up its crypto push, announcing a USD-backed stablecoin and the acquisition of Bridge, a payment rail designed to rival SWIFT.
And in the latest pro-Bitcoin endorsement, Jack Dorsey urged encrypted messenger Signal to integrate Bitcoin payments for global peer-to-peer use, signaling the next phase of decentralized fintech.
