Stack BTC’s founding CEO Jai Patel has stepped down as the bitcoin-focused vehicle — relaunched earlier this year with high-profile backers including Nigel Farage and former chancellor Kwasi Kwarteng — seeks to reassure investors that a new strategy will deliver “long-term value.”
What happened
- On Wednesday Stack BTC announced Jai Patel had left the board “with immediate effect.” The company said the change follows “the completion of the transition from the company’s legacy business model to the new Stack BTC strategy” and that Patel remains “a significant and supportive shareholder.”
- Patel is being replaced as CEO by David Galan, a former real estate executive who Stack BTC says brings “extensive experience in capital markets, mergers & acquisitions, and executive leadership.”
Background and strategy
- Stack BTC is the rebranded form of Kasei Investment Holdings, a company founded in 2021 by Jai Patel that invested in cryptocurrencies and other digital assets. Kasei was liquidated last year after returning approximately $3.4m of an initial $6.1m share capital, citing “adverse market conditions, volatility in digital asset valuations and an inability to raise further capital.”
- In December 2025, Paul Withers — described by the company as Stack BTC’s founder and a friend of Nigel Farage — brought Together the owner of Direct Bullion (a gold business Withers also promotes), Farage, and Kwasi Kwarteng onto the newly renamed Stack BTC board. The relaunch, publicised in March, positioned Stack BTC as a “bitcoin treasury” company: the plan is to accumulate bitcoin, make venture-style acquisitions of smaller companies, and reinvest revenues into bitcoin. As with similar treasury plays, the company’s share price would be expected to move broadly in line with bitcoin’s market performance.
Notable political and commercial links
- Nigel Farage was an early investor in the relaunched company, investing £215,000 at the relaunch and increasing the paper value of his stake since then by an amount the company says is over £200,000 on paper. Withers has been a long-time associate of Farage and reportedly paid him more than £400,000 last year to promote Direct Bullion. Farage was also an early advertiser on GB News and appeared at Reform events; Reform UK has said he is “embracing the 21st century” and would “do whatever is appropriate” with his Stack shares if he entered government.
Market reaction and criticism
- CryptoUK council member Ian Taylor was blunt in his assessment, calling the relaunch “a PR branding exercise” and warning investors to be sceptical. “The bitcoin treasury company failed in another iteration, having the person attached to it has benefits. Its sales, PR, the purpose is for everyone involved to make money,” he said, adding that the involvement of figures like Farage and Kwarteng would make him cautious about investing and that potential investors should do their due diligence on financials and management quality.
- Taylor also drew parallels to political strategies around crypto elsewhere, referencing former US president Donald Trump’s crypto ties and alleging that political positioning can be used to attract industry money.
Why it matters to crypto investors
- Leadership changes and a move from an earlier, broader digital-assets investing model to a bitcoin-treasury focus are important governance signals. For investors, the company’s fortunes will be closely tied to bitcoin price movements and the ability of new management to execute on acquisitions and capital allocation without repeating past capital-raising shortfalls.
- Stack BTC frames the personnel change as part of strengthening its executive team to execute the new strategy and deliver long-term shareholder value. Observers will watch whether the new CEO’s capital-markets and M&A experience translate into successful deal-making and prudent treasury management.
What to watch next
- Execution of the bitcoin accumulation plan and any announced acquisitions
- Disclosure on governance, capital structure and risk management to address investors’ concerns after the previous liquidation and rebrand
- Any further commentary or actions from major shareholders, including Farage and Kwarteng, and responses from Reform UK (the party was approached for comment)
Stack BTC’s statement reiterated confidence in the new team; independent commentators are urging caution and closer scrutiny given the company’s history and the high-profile political connections.
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