Stack BTC, the bitcoin-focused vehicle relaunched this year with high-profile backers including Nigel Farage and former chancellor Kwasi Kwarteng, has replaced its chief executive as it seeks to reassure investors about its long-term strategy.
Background and relaunch
The business began life in 2021 as Kasei Investment Holdings, a diversified digital-asset investor aimed at encouraging over-45s into crypto. Kasei launched with $6.1m (£4.5m) in share capital but went into liquidation last year, returning roughly $3.4m (£2.5m) to shareholders. At the time the company blamed “adverse market conditions, volatility in digital asset valuations and an inability to raise further capital” for undermining its ability to meet investment objectives.
In late 2025, according to founder Paul Withers, Kasei was renamed and refocused as Stack BTC. Withers — a long-time associate of Farage who also runs Direct Bullion, a gold company Farage has promoted — says he brought Farage and Kwarteng into the boardroom to pivot the business into a bitcoin “treasury company.” The stated plan was to accumulate bitcoin, operate as a venture capital vehicle buying smaller companies, and plow any operating revenue back into bitcoin; in short, shareholders’ fortunes would be closely tied to bitcoin’s price movements.
Farage invested £215,000 when the company relaunched and, on paper, his stake has since appreciated by more than £200,000. Withers himself paid Farage over £400,000 last year to promote Direct Bullion and has been a visible supporter at media and political events.
Leadership change
On Wednesday Stack BTC announced that founder-CEO Jai Patel had stepped down from the board with immediate effect. The company said the move followed “the completion of the transition from the company’s legacy business model to the new Stack BTC strategy” and framed the change as an effort to “strengthen the executive team with the experience and capability required to execute its strategy and deliver long-term value for shareholders.” The statement added that Jai Patel “remains a significant and supportive shareholder in the company.”
Patel’s replacement is David Galan, a former real estate executive whom Stack BTC describes as bringing “extensive experience in capital markets, mergers & acquisitions, and executive leadership.”
Market reaction and criticism
Not everyone is convinced. Ian Taylor of industry body CryptoUK called the relaunch more of a PR and branding exercise than a robust business proposition, saying the structure — a bitcoin treasury tied to a public-company share price — risks being primarily about sales and publicity rather than sustainable operations. “The fact it’s got Kwasi and Farage tells people like me: ‘Don’t invest in it,’” Taylor said, questioning management quality and urging investors to do thorough due diligence given crypto’s volatility.
Taylor also drew a parallel with U.S. political figures who have monetized crypto links, accusing the Stack BTC relaunch of mirroring a playbook that blends promotional activity with political visibility to attract industry support and potential donations.
Response from Reform UK
Reform UK has been approached for comment. Earlier, a spokesperson welcomed Farage’s involvement, saying he was “embracing the 21st century” and that he would do “whatever is appropriate” with his Stack shares if he entered government.
What to watch
Stack BTC’s path will hinge on executing its stated strategy of building a bitcoin treasury and generating returns through acquisitions and reinvestment. For investors, the core risks remain bitcoin price volatility, management execution, and the company’s ability to raise or redeploy capital effectively — all factors that shaped its predecessor’s liquidation.
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