CEO of Bitcoin Firm Championed by Nigel Farage Resigns Amid Company Overhaul
The chief executive of a bitcoin company heavily promoted by Reform UK leader Nigel Farage has stepped down from his role, as the venture attempts to reassure investors about its capacity to generate long-term shareholder value. Jai Patel, whose departure was announced on Wednesday, leaves Stack BTC during a period of significant transformation for the cryptocurrency firm.
From Kasei to Stack BTC: A Troubled History
Stack BTC represents a rebranded version of Kasei Investment Holdings, originally founded by Patel in 2021. The company initially focused on cryptocurrency investments and digital assets, specifically targeting investors over forty-five years old. However, Kasei faced liquidation last year after struggling with adverse market conditions, volatile digital asset valuations, and insufficient capital raising.
The liquidated company had launched with $6.1 million in share capital but ultimately returned approximately $3.4 million to shareholders while removing most of its board members. This failure created the foundation for what would become Stack BTC, with a completely revised business model and new leadership.
Political Connections and Strategic Relaunch
In December 2025, according to company founder Paul Withers, Patel facilitated the involvement of both Withers and former chancellor Kwasi Kwarteng in the relaunched venture. Withers, who owns gold bullion company Direct Bullion and has been friendly with Farage since 2021, paid the Reform UK leader more than £400,000 last year to promote his gold business.
The reconstituted Stack BTC emerged with a focus as a bitcoin treasury company, aiming to accumulate the digital currency while operating as a venture capital firm acquiring smaller companies. The strategy involves reinvesting revenue in bitcoin, creating a direct correlation between bitcoin's price movements and the company's share performance.
Farage's Financial Involvement and Paper Gains
Nigel Farage joined Stack BTC during its official relaunch with share admission, investing £215,000 to become one of the company's initial funders. Withers claimed the venture was "built" in just nine months with Kwarteng's involvement. On paper, the total value of Farage's stake has reportedly increased by more than £200,000 since his initial investment.
The company announced Patel's immediate departure from the board, stating the changes were designed to "strengthen the executive team with the experience and capability required to execute its strategy and deliver long-term value for shareholders." Stack BTC emphasized this followed "the completion of the transition from the company's legacy business model to the new Stack BTC strategy," while noting Patel remains "a significant and supportive shareholder."
New Leadership and Industry Skepticism
David Galan, a former real estate executive, has replaced Patel as chief executive. Stack BTC stated that Galan brings "extensive experience in capital markets, mergers & acquisitions, and executive leadership" to the position.
However, industry observers have expressed skepticism about the venture's prospects. Ian Taylor of CryptoUK commented that the Farage-led relaunch "would appear that it is a PR branding exercise," noting that "the bitcoin treasury company failed in another iteration." Taylor added that having Farage attached provides benefits in terms of sales and public relations, but questioned the management quality.
"The fact it's got Kwasi and Farage tells people like me: 'Don't invest in it,'" Taylor stated. "Crypto assets are highly volatile, people should be doing their due diligence on the financials, the quality and experience of the management."
Political Parallels and Strategic Calculations
Taylor drew parallels between Farage's approach and that of former US president Donald Trump, who has made billions from his family's cryptocurrency company World Liberty Financial. "Reform and Farage are following the Trump playbook," Taylor observed. "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."
The industry analyst suggested Farage is adopting similar talking points to position himself as a supporter of the cryptocurrency industry, potentially to attract political donations from sector participants. "This will not only make money for those involved," Taylor noted, "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."
When approached for comment about Farage joining the company, a Reform UK spokesperson earlier stated: "Farage is embracing the 21st century." The spokesperson added that Farage would do "whatever is appropriate" with his Stack shares if he entered government, highlighting the political dimensions of this financial venture.
