Al Abraaj Group has become the first public listed company in the Middle East that Bitcoin takes as a Treasury activum, in the footsteps of MicroStrategy and Tesla.
The Al Abraaj Group of Bahrain has become the first public company in the Middle East that Bitcoin adds to his business treasury, kicks things off with a purchase of 5 Bitcoin (BTC) and says that it is planning to buy more in the future as part of a new long-term strategy.
In a Thursday press releaseAbdullah Isa, head of the Bitcoin Treasury Committee in Al Abraaj, said that the initiative reflects the “future -oriented approach and dedication of the company to increase and maximize the value of the shareholders.”
“We believe that Bitcoin will play a central role in the future of finance, and we are pleased to be in the lead in this shift in the Kingdom of Bahrain.”
Abdullah Isa
To roll out his Bitcoin strategy, ALBraaj Group is already working with the New York investment company 10x Capital and plans to raise more funds to keep buying Bitcoin and increasing the number of BTC units to each share.
In commentary on the collaboration, Hans Thomas, CEO of 10x Capital, said with Bitcoin now on the balance sheet “Everyone in the Gulf Samenwerkingsraad with a brokerage account” can be exposed to the cryptocurrency via a listed shares. According to the press release, Al Braaj also investigates Sharia-complicated financial aids with which the Islamic world has access to Bitcoin ‘in a legitimate way’.
The company emphasized that the decision on internal assessments followed and meets the regulations of the Central Bank of Bahrain.
