CEO of bitcoin firm championed by Nigel Farage leaves company | Nigel Farage
The chief executive of a bitcoin company backed by Nigel Farage has resigned as the startup sought to convince investors it would deliver “long-term value” to shareholders.
Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng among its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns the Direct Bullion bullion company that Farage supports.
However, Stack BTC is a rebranded company founded by Jai Patel, whose departure as CEO was announced in 2021 on Wednesday. The company, formerly called Kasei Investment Holdings, has invested in cryptocurrency and a number of other digital assets. It aimed to encourage people over the age of 45 to invest their money in cryptocurrencies.
Kasei was liquidated last year. The company started operations with capital of $6.1 million (£4.5 million), but following liquidation approximately $3.4 million (£2.5 million) was returned to shareholders and the majority of the board was removed. The company said at the time that it failed due to “adverse market conditions, volatility in digital asset valuations, and the inability to raise further capital,” which “left the company without the critical mass or financing needed to achieve its investment objectives.”
According to Withers, in December 2025, Patel brought together Direct Bullion owner and Kwarteng to join the board of directors of the renamed company, Stack BTC, and its focus changed to Bitcoin treasury company. The goal was to accumulate the digital currency and act as a venture capital firm, acquiring smaller companies and reinvesting the proceeds into bitcoin. When the Bitcoin price rises, the company’s share price is generally expected to follow suit; When the price drops, the share price also falls, meaning investors will make a profit on paper while Bitcoin does well.
Withers has been friends with Farage since 2021 and paid him more than £400,000 last year to promote his gold company. He was one of GB News’ first advertisers and was at the Reform conference last year.
When Farage joined Stack BTC officially restarted with share acceptance. Investing £215,000, he was one of the first funders of the new company, which Withers claimed he and Kwarteng had been “set up” in “nine months”. On paper, the total value of Farage’s shares appears to have increased by more than £200,000 since then.
On Wednesday, Stack BTC said Patel had resigned from the board with immediate effect, adding that the changes were designed to “empower the executive team with the experience and talent needed to execute on its strategy and deliver long-term value to shareholders.”
The company said this follows “the completion of the transition from the company’s legacy business model to its new Stack BTC strategy,” adding: “Jai remains a significant and supportive shareholder in the company.” He was replaced by David Galan, a former real estate executive. Stack BTC said in a statement that Galan brings “extensive experience in capital markets, mergers and acquisitions, and executive leadership.”
CryptoUK’s Ian Taylor said of the Farage-led relaunch: “Apparently it’s a PR branding exercise. Bitcoin treasury company has failed at another iteration, the person affiliated with it has benefits. Its sales, its PR, its aim is for everyone involved to make money.”
Taylor added that he did not see the company as an attractive prospect: “Having Kwasi and Farage says to people like me: ‘Don’t invest in this.’ I question the quality of management. “Crypto assets are extremely volatile, people need to do due diligence on finances, management quality and experience.”
US president Donald Trump has taken a similar approach, making billions of dollars from the family’s cryptocurrency company, World Liberty Financial.
Taylor added: “Reform and Farage are following Trump’s playbook. Trump made a U-turn on crypto and made a ton of positive comments about the campaign – and then received millions in donations from crypto-interested people who wanted him elected in their interests because he would implement friendly policies.”
“Farage is doing exactly the same thing. I’ve seen him in talks and he’s adopted the same talking points as Trump. This will not only make money for those involved, but will also play into Farage’s strategy of being seen as a supporter of the industry and getting more political donations from people in the industry.”
Reformation England has been approached for comment. A spokesman had previously said Farage had joined the company: “Farage embraces the 21st century.” They added that he would do “whatever is appropriate” with Stack’s shares if he entered government.
