Al Abraj Quietly Moves Towards Bitcoin Adoption in Bahrain

In a development that reflects changing financial trends in the Middle East, Al Abraj Restaurants Group, a company listed on the Bahrain Bourse, has reportedly added Bitcoin to its balance sheet. This signals that the Bahraini corporate sector is starting to consider cryptocurrencies as a potential asset class. Al Abraj made this news public on their official X account.

Al Abraj Partners with 10X Capital to Invest in BitcoinThe firm revealed on May 15 that it had formed a strategic alliance with 10X Capital, a well-regarded company in the United States celebrated for its expertise in the field of digital currencies. Al Abraj has entered into a relationship with 10X Capital to invest part of its treasury in Bitcoin. They have started with five Bitcoins and plan to steadily build their investment in the digital asset.

Despite receiving little attention, the move is seen as a first in Bahrain and the region for a listed company to adopt Bitcoin for treasury purposes. This is similar to the approach established by other major companies around the world that have adopted Bitcoin in managing their treasury.

50

0