The company failed and was liquidated last year, before being relaunched as Stack BTC
The CEO of Stack BTC, the bitcoin firm that Nigel Farage has promoted and invested £215,000 in, has left the company.
Stack BTC was launched in March this year, with Farage and former chancellor under Liz Truss, Kwasi Kwarteng, becoming some of its first shareholders.
Earlier this week, Farage was filmed buying around £2 million of Bitcoin on behalf of the firm as part of a promotional video.
The company’s founder is Paul Withers, a friend of the Reform leader, who owns Direct Bullion, a gold bullion company that Farage was paid £400,000 to promote last year.
As reported by the Guardian, Stack BTC is a renamed company which was founded in 2021 by Jai Patel, who announced he was leaving his role as chief executive yesterday.
The firm was founded under the name Kasei Holdings PLC and was liquidated last year after what it described as “adverse market conditions” and “an inability to raise additional capital”.
It was then relaunched as Stack BTC last month.
According to Withers, in December 2025, Patel brought the Direct Bullion owner and Kwarteng together to join the board of the rebranded company, Stack BTC, with a changed focus to operating as a bitcoin ‘treasury company’.
The firm’s new strategy is to act as a venture capital firm, acquiring smaller companies and reinvesting the revenue in bitcoin.
Of the Farage-led relaunch, Ian Taylor, executive director of CryptoUK, told the Guardian: “It would appear that it is a PR branding exercise. The bitcoin treasury company failed in another iteration, having the person attached to it has benefits.”
Taylor added that he did not see the company as an attractive prospect: “The fact it’s got Kwasi and Farage tells people like me: ‘Don’t invest in it.’
He added that he would “question the quality of the management”.
Taylor said that Farage is copying Donald Trump’s playbook when it comes to crypto currency. Trump has made billions from the family’s cryptocurrency company World Liberty Financial.
Taylor added: “Reform and Farage are following the Trump playbook. Trump did a U-turn on crypto and made a load of positive comments on the campaign trail – and then he took millions in donations from people involved in crypto, who wanted him elected for their interests, because he would implement friendly policies.
“Farage is doing exactly the same thing. I have seen him at talks and he has adopted all the same talking points as Trump. This will not only make money for those involved, but it plays into Farage’s strategy to be seen as a supporter of the industry and get more political donations from people in the industry.”
Olivia Barber is a reporter at Left Foot Forward
Left Foot Forward doesn't have the backing of big business or billionaires. We rely on the kind and generous support of ordinary people like you.
You can support hard-hitting journalism that holds the right to account, provides a forum for debate among progressives, and covers the stories the rest of the media ignore. Donate today.