Bitcoin Firm Promoted by Nigel Farage Sees Departure of Chief Executive

The departure of Jai Patel as chief executive of Stack BTC has been announced, just months after the company's relaunch with Nigel Farage and former chancellor Kwasi Kwarteng among its first shareholders.

Stack BTC was launched in March this year, but it is a renamed company that was founded in 2021 under a different name. The original company, Kasei Investment Holdings, invested in cryptocurrency and other digital assets, but failed to raise further capital and was liquidated last year with approximately $3.4m (£2.5m) returned to shareholders.

The renamed Stack BTC aims to accumulate bitcoin and act as a venture capital firm, acquiring smaller companies and reinvesting revenue in the digital currency. When the price of bitcoin rises, the company's share price is expected to follow suit, allowing investors to make paper gains when the cryptocurrency does well.

Farage invested £215,000 in Stack BTC when it relaunched and appears to have increased his stake by over £200,000 since then. However, critics of the company say that its focus on promoting Farage's interests is suspicious, and that investors should be cautious due to the volatile nature of cryptocurrency investments.

Reform UK has been approached for comment, but no response has been received at this time.