Nigel Farage invests in Kwasi Kwarteng-backed Bitcoin treasury business
Nigel Farage has invested in an Aquis-listed Bitcoin treasury business as the Reform leader doubles down on his commitment to cryptocurrencies.
Farage has spent £215,000 to acquire a 6.3 per cent stake in Stack BTC, a small-cap company which says it is “focused on building a portfolio of high-quality, cash-generative businesses alongside a Bitcoin treasury,” according to a stock market filing published on Monday.
Former Chancellor Kwasi Kwarteng, who joined the firm’s board in November, has since become executive chairman of the business and controls a 5.4 per cent stake worth £185,000 together with his wife Harriet.
“I am delighted to have become an investor in Stack and lend my support to the team,” Farage said in a statement.
“I have long been one of the UK’s few political advocates for Bitcoin, recognising the role digital currencies will play in the future of business and finance.
“London and the UK has historically been the centre of world’s financial markets, and I believe that we can and should be a major global hub for the crypto industry.”
Kwarteng said: “Nigel’s unwavering support for British business and belief that Bitcoin is set to rapidly expand its role in finance is perfectly aligned with the company’s ethos and business plan.”
Stack was founded by entrepreneur Paul Withers last year. Withers is the founder of Direct Bullion, a gold dealer which previously recruited Farage to produce adverts for the company encouraging retail investors to buy gold.
Farage gets into crypto
Farage has become a major political ambassador for cryptocurrencies after observing how US president Donald Trump has sought to curry favour with crypto advocates as well as launch his own crypto token.
Speaking at the Zebu Live digital assets conference in October, the Reform leader said crypto had “been a big part of Trump’s success, and I think the industry has benefited massively from Trump becoming president”, adding that the US president had “learned from me on some things and vice versa on others”.
At the conference Farage, who caused a storm at Natwest after complaining he had been debanked by its private banking subsidiary Coutts, vowed to put an end to crypto traders being shut out from their bank accounts.
Crypto enthusiasts have also become a major source of financial support for Reform, with the party attracting a £9m donation from crypto investor Chris Harborne in the third quarter of last year in what was the single-biggest donation to a British political party by a living donor.
Harborne donated another £3m in the fourth quarter of last year, according to disclosures made last week.