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The Al-Abraj Restaurant Group has made a historic first purchase of Bitcoin for its corporate treasury, becoming the first publicly listed company in the Middle East to adopt a Bitcoin treasury strategy.

Al-Abraj is the first publicly listed company in the Gulf Cooperation Council and the Middle East to adopt a Bitcoin treasury strategy, similar to what companies like MicroStrategy (NASDAQ: MSTR), Tesla (NASDAQ: TSLA), and Metaplanet (Tokyo: 3350.T) have done, which were among the best-performing stocks in the world during 2024.

Al-Abraj has partnered with 10X Capital and plans to raise additional capital to purchase more Bitcoin for its treasury, aiming to increase the number of Bitcoin units per share.

10X is a New York-based investment firm focused on the Bitcoin treasury space and recently provided advisory services to Nakamoto in a fundraising effort that raised $710 million (NASDAQ: KDLY), which is the largest fundraising for a Bitcoin treasury company and the largest private deal for any Bitcoin-related operation ever.

The Al-Abraj Restaurant Group aims to innovate in creating a Sharia-compliant means to enable the Muslim world to access Bitcoin more broadly.

Investors in Bahrain, Saudi Arabia, the UAE, Kuwait, Qatar, and Oman can now access Bitcoin through a publicly traded stock.