Bahrain-based AlAbraaj Restaurants Group, a listed catering company with a $24.2 million market cap, has recently implemented a Bitcoin treasury strategy in collaboration with investment firm 10X Capital. As per a report published on May 15, the company aims to follow the footsteps of corporate BTC holder Strategy (formerly known as MicroStrategy) and explore Sharia-compliant access to Bitcoin for the Islamic sector. Abdullah Isa, the head of AlAbraaj’s Bitcoin Treasury Committee, expressed the company’s vision of Bitcoin playing a crucial role in the future of finance. AlAbraaj made an initial investment of 5 BTC and plans to continue accumulating more, positioning Bitcoin as its primary reserve asset. The company’s profitability, with reported earnings before interest, taxes, depreciation, and amortization of $12.5 million in 2024, serves as the foundation for this strategic move. AlAbraaj also intends to expand into the finance industry and develop Sharia-compliant financial instruments to tap into the Islamic market. The partnership with 10X Capital will facilitate AlAbraaj’s entry into the Bitcoin market and digital asset treasury management. This collaboration aims to raise more capital to acquire additional Bitcoin, enhancing the BTC-per-share ratio for investors. By leveraging 10X Capital’s expertise, AlAbraaj aims to provide Bitcoin exposure to the Gulf Cooperation Council. This move is significant as the GCC boasts a combined GDP exceeding $2.2 trillion and sovereign wealth surpassing $6 trillion, positioning AlAbraaj as a pioneer in the region’s public Bitcoin treasury space. The company’s strategic alliance with 10X Capital underscores its commitment to driving innovation and shareholder value in the evolving financial landscape.