PANews reported on May 16 that according to Cointelegraph, AlAbraaj, a Bahrain-listed restaurant group, announced that it has launched a Bitcoin reserve strategy through cooperation with investment institution 10X Capital and has purchased 5 BTC as an initial investment. The company has a market value of US$24.2 million and EBITDA of US$12.5 million in 2024. It plans to allocate corporate funds mainly to Bitcoin and develop financial products that comply with Islamic law to expand the Middle East market.

Abdullah Isa, head of the company's Bitcoin Committee, said the goal is to become the "MicroStrategy of the Middle East" and cited Michael Saylor's operating model as a reference. 10X Capital CEO pointed out that this move fills the gap of the lack of Bitcoin reserve listed companies in the Gulf Cooperation Council (with a combined GDP of US$2.2 trillion).