Al Abraaj Group Makes History as First Middle Eastern Publicly Listed Company to Adopt Bitcoin
Breaking barriers and setting new standards, Bahrain’s Al Abraaj Group has made headlines as the first public company in the Middle East to embrace Bitcoin as a treasury asset. Following the lead of industry giants like MicroStrategy and Tesla, the company recently made a bold move by purchasing 5 Bitcoin (BTC) and announcing plans to acquire more in the future as part of a long-term strategy.
Embracing Innovation and Maximizing Shareholder Value
In a recent press release, Abdullah Isa, head of the Bitcoin Treasury Committee at Al Abraaj, expressed the company’s forward-thinking approach and commitment to maximizing shareholder value through the adoption of Bitcoin. Isa highlighted the pivotal role that Bitcoin is expected to play in the future of finance and emphasized the company’s position at the forefront of this transformative shift in the Kingdom of Bahrain.
“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.”
– Abdullah Isa
Strategic Partnerships and Future Plans
To facilitate the implementation of its Bitcoin strategy, Al Abraaj Group has partnered with New York-based investment firm 10X Capital. The collaboration is aimed at raising additional funds to support the ongoing acquisition of Bitcoin and increase the number of BTC units tied to each share. Hans Thomas, CEO of 10X Capital, highlighted the significance of having Bitcoin on the company’s balance sheet, noting that it opens up opportunities for investors in the Gulf Cooperation Council to access the cryptocurrency through a publicly traded stock.
In addition to expanding its Bitcoin holdings, Al Abraaj is exploring Shariah-compliant financial tools that would enable the Islamic world to engage with Bitcoin in a legitimate and ethical manner. The company has assured that its decision to adopt Bitcoin has been thoroughly reviewed internally and is in compliance with the regulations set forth by the Central Bank of Bahrain.
With this groundbreaking move, Al Abraaj Group has not only made history as the first publicly listed company in the Middle East to embrace Bitcoin but has also set a new standard for innovation and forward-thinking in the region’s corporate landscape.