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", citing 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).
