AlAbraaj Restaurants Group, a publicly listed catering company in Bahrain with a market capitalization of $24.2 million, has become the latest firm to adopt a Bitcoin treasury strategy.
The company announced on May 15 that it is partnering with investment firm 10X Capital to allocate a portion of its corporate treasury to Bitcoin, positioning itself as a pioneer in the Middle East’s Bitcoin adoption movement.
The initiative draws direct inspiration from MicroStrategy—now rebranded as Strategy—which is the largest corporate holder of Bitcoin globally.
AlAbraaj to Become MicroStrategy of Middle East
AlAbraaj stated its goal to become the “MicroStrategy of the Middle East,” citing the firm’s legacy as a model for long-term Bitcoin-based capital strategy.
“Our initiative to become a Bitcoin treasury company reflects our forward-looking approach and our commitment to enhancing shareholder value,” said Abdullah Isa, who heads AlAbraaj’s Bitcoin Treasury Committee.
He added that the company believes Bitcoin will play “a central role in the future of finance.”
To kick off its strategy, AlAbraaj has acquired an initial 5 BTC and intends to gradually increase its holdings.
The firm’s approach marks a significant shift in the regional corporate landscape, offering Sharia-compliant access to Bitcoin and aiming to build financial tools aligned with Islamic finance principles.
AlAbraaj reported $12.5 million in EBITDA for 2024 and stated that it remains profitable as it expands into the finance sector.
Part of the company’s vision includes developing its own suite of Sharia-compliant financial instruments to tap into the broader Islamic market.
The firm is backed by 10X Capital, which is also advising the venture on treasury management and Bitcoin acquisition strategies.
10X Capital recently helped Nakamoto Holdings—formed from the merger of KindlyMD and a Bitcoin-native holding firm—raise $710 million.
The firm is led by CEO Hans Thomas and is closely tied to pro-Bitcoin initiatives in the U.S., including work with Trump advisor David Bailey.
Thomas emphasized the regional significance of the AlAbraaj partnership, noting the Gulf Cooperation Council’s $2.2 trillion combined GDP and over $6 trillion in sovereign wealth.
“Until now, the region lacked a public Bitcoin treasury company like MicroStrategy,” he said. AlAbraaj’s move could fill that gap.
American Fast Food Chain to Begin Accepting Bitcoin Payments
Last week, American fast food chain Steak ‘n Shake announced that it will begin accepting Bitcoin as a payment method at all of its locations across the United States starting May 16.
Last month, crypto payments platform Mesh unveiled its Apple Pay integration, which allows merchants partnered with Mesh to accept crypto payments via Apple Pay.
Mesh’s partnership with Apple Pay came as payments companies continue to expand into digital assets.
More recently, global payments giant Stripe said it is developing a U.S. dollar-backed stablecoin aimed at companies operating outside the United States, United Kingdom, and Europe.
The announcement came after Stripe’s regulatory approval to acquire Bridge, a stablecoin payments network designed to rival traditional banking systems and SWIFT-based transfers.
More recently, Jack Dorsey, former Twitter CEO and outspoken Bitcoin advocate, publicly urged Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments.
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