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AlAbraaj Restaurants Group, a publicly traded catering company from Bahrain with a market capitalization of $24.2 million, has become the latest company to adopt a Bitcoin-based strategy.

The company announced on May 15 that it is partnering with investment firm 10X Capital to allocate a portion of its corporate capital to the cryptocurrency Bitcoin, which will allow it to become a pioneer in the Bitcoin adoption movement in the Middle East.

The initiative draws direct inspiration from MicroStrategy – now renamed Strategy – the largest corporate holder of Bitcoin in the world.

AlAbraaj stated that its goal is to become the “MicroStrategy of the Middle East,” referencing the company’s legacy as a model of a long-term capital strategy based on Bitcoin.

“Our initiative to become a Bitcoin treasury company reflects our forward-looking approach and commitment to enhancing shareholder value,” said Abdullah Isa, head of the Bitcoin Treasury Committee at AlAbraaj.

He added that the company believes Bitcoin will play a “central role in the future of finance.”