Bitcoin firm linked to Nigel Farage sees CEO exit

The chief executive of Stack BTC, a bitcoin-focused company promoted by Reform UK leader Nigel Farage, has stepped down as the venture seeks to reassure investors about its long-term strategy.

Stack BTC was launched in March with political figures including former UK chancellor Kwasi Kwarteng and Nigel Farage among its early shareholders. The company has described its founder as Paul Withers, a businessman linked to Farage who also owns gold bullion firm Direct Bullion, which the politician has previously promoted, the Guardian reports. 

The company said its founder is Jai Patel, who led its earlier incarnation before his departure as chief executive was announced on April 15.

Stack BTC was previously known as Kasei Investment Holdings, a cryptocurrency investment firm established in 2021 that targeted investors interested in digital assets, including those over the age of 45. The firm invested in cryptocurrencies and other digital assets before later rebranding and shifting strategy toward becoming a so-called bitcoin treasury company.

Kasei Investment Holdings was liquidated last year after what it described as difficult market conditions and an inability to raise additional capital. At the time of liquidation, the company returned approximately $3.4 million to shareholders after initially launching with $6.1 million in share capital.

Following the restructuring, the company repositioned itself to accumulate bitcoin and pursue acquisitions of smaller firms, with the goal of reinvesting profits into cryptocurrency holdings. Under this model, the company’s share price would largely track the price of bitcoin, rising and falling in line with market movements.

Paul Withers, who has longstanding ties to Farage, has previously promoted his gold business with the support of the Reform UK leader and has appeared at party events in recent years.

By Sabina Mammadli