Bahrain-based Al Abraaj Group has made history by becoming the first publicly listed company in the Middle East to adopt Bitcoin (BTC) as a treasury reserve asset, joining the ranks of global giants like MicroStrategy and Tesla.
In a Thursday press release, the company confirmed the purchase of 5 Bitcoin as part of its newly launched long-term treasury strategy. According to Abdullah Isa, Head of the Bitcoin Treasury Committee at Al Abraaj, this move reflects a broader vision to embrace financial innovation and maximize shareholder value.
“We believe that Bitcoin will play a central role in the future of finance, and we are pleased to be at the forefront of this shift in the Kingdom of Bahrain,” said Isa.
A Strategic Alliance with 10X Capital
To scale its Bitcoin accumulation strategy, Al Abraaj has partnered with New York-based investment firm 10X Capital. Together, they plan to raise more capital to increase the number of BTC units tied to Al Abraaj shares, offering traditional investors and institutions in the Gulf region new ways to gain Bitcoin exposure through public equities.
Hans Thomas, CEO of 10X Capital, noted that this development creates an opportunity for investors across the Gulf Cooperation Council (GCC) to indirectly access Bitcoin through regulated financial markets.
“With Bitcoin now on the balance sheet, anyone in the GCC with a brokerage account can participate in Bitcoin’s upside via a listed company,” Thomas added.
Exploring Shariah-Compliant Crypto Finance
In a bid to broaden access and remain culturally inclusive, Al Abraaj is also exploring Shariah-compliant financial tools that could pave the way for greater adoption of Bitcoin in the Islamic finance sector. This includes the potential development of structured products that adhere to Islamic law while offering exposure to digital assets.
The decision to adopt Bitcoin was made following internal governance reviews and is fully compliant with regulations set by the Central Bank of Bahrain, reinforcing its legitimacy as a financial strategy.
Al Abraaj Group’s adoption of Bitcoin marks a significant milestone for crypto integration in the Middle East. As the first public company in the region to put BTC on its balance sheet, it not only positions itself as a regional trailblazer but also signals growing institutional confidence in Bitcoin’s role as a long-term store of value.
