Bahrain listed catering group AlAbraaj launches Bitcoin reserve strategy, has purchased 5 BTC

According to Cointelegraph, Bahrain listed catering group AlAbraaj announced that it has launched a Bitcoin reserve strategy through a partnership with investment firm 10X Capital and has purchased 5 BTC as an initial investment. The company has a market value of $24.2 million and a 2024 EBITDA of $12.5 million. It plans to primarily allocate its corporate funds to Bitcoin and develop financial products that comply with Islamic law to expand into the Middle East market. Abdullah Isa, the head of the company's Bitcoin committee, stated that the goal is to become the "MicroStrategy of the Middle East" and cited Michael Saylor's operating model as a reference. The CEO of 10X Capital pointed out that this move fills the gap in the lack of Bitcoin reserve listed companies in the Gulf Cooperation Council (with a total GDP of $2.2 trillion).