AlAbraaj Restaurants Group, a publicly traded food service company based in Bahrain with a market cap of $24.2 million, has unveiled a bold new direction—allocating a portion of its corporate treasury to Bitcoin. The announcement, made on May 15, marks the first such move from a publicly listed company in the Middle East and draws a clear parallel to MicroStrategy’s well-known Bitcoin accumulation strategy.
The company is partnering with U.S.-based investment advisory firm 10X Capital, known for its deep involvement in Bitcoin-focused ventures, to guide its treasury diversification process.
Middle East’s First MicroStrategy-Inspired Bitcoin Firm
AlAbraaj says it is aiming to become “the MicroStrategy of the Middle East,” following in the footsteps of the U.S.-based tech firm now known as Strategy, which famously pivoted into Bitcoin with billions of dollars in holdings.
“We believe Bitcoin is poised to play a foundational role in the evolving global financial system,” said Abdullah Isa, chair of AlAbraaj’s newly formed Bitcoin Treasury Committee. “This step aligns with our long-term vision and our responsibility to deliver shareholder value through strategic asset allocation.”
AlAbraaj has already purchased an initial 5 BTC and intends to steadily grow its position over time. Isa emphasized that the company’s treasury approach will follow Sharia-compliant principles, ensuring compatibility with Islamic finance and opening doors for other firms in the region to explore digital assets.
Sharia-Compliant Financial Tools in the Pipeline
Beyond just holding Bitcoin, AlAbraaj plans to develop a suite of Islamic financial products focused on digital assets. These tools will be geared toward markets across the Gulf Cooperation Council (GCC) and Southeast Asia, offering halal investment opportunities in Bitcoin and other blockchain-based technologies.
The restaurant group posted $12.5 million in EBITDA for 2024, showcasing financial strength as it broadens its footprint beyond food services into fintech and digital asset management.
10X Capital, which previously helped Nakamoto Holdings raise $710 million, is advising AlAbraaj on treasury structuring, regulatory strategy, and acquisition planning. CEO Hans Thomas called the move “a significant first” for the Middle East’s emerging crypto economy.
“There’s been a noticeable gap in the region—no publicly listed company has stepped up to adopt a Bitcoin treasury strategy until now,” Thomas said. “With over $6 trillion in sovereign wealth and a $2.2 trillion GDP, the Gulf states are ripe for digital asset leadership.”
Bitcoin Payments Adoption Expands Beyond the Middle East
Meanwhile, Bitcoin’s mainstream adoption continues to accelerate in the U.S. Steak ‘n Shake, an American fast food chain, recently announced it will accept Bitcoin payments at all U.S. locations starting May 16.
The development comes on the heels of Mesh, a crypto payment infrastructure provider, unveiling its Apple Pay integration in April. The partnership allows merchants to accept crypto through Apple Pay, streamlining digital asset usage at the point of sale.
Stripe, one of the world’s top payments companies, also entered the race, revealing plans to launch a USD-backed stablecoin tailored for businesses in non-Western markets. It also acquired Bridge, a blockchain payment firm aiming to disrupt SWIFT.
On a related note, Jack Dorsey, Bitcoin advocate and former Twitter CEO, recently urged Signal Messenger to integrate BTC-based peer-to-peer payments.
