Stack BTC CEO Steps Down as Farage-Linked Bitcoin Venture Reshuffles Leadership

Stack BTC has replaced its chief executive after completing a shift in strategy, marking a fresh attempt to stabilise the UK Bitcoin-focused investment vehicle and bolster investor confidence. The company said on Wednesday that Jai Patel, who founded the business in its earlier form, had stepped down from the board with immediate effect.

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Announcing the change in a tweet, the firm said that incoming chief executive David Galan brings a mix of dealmaking, financial and operational experience suited to its approach.

“Stack BTC isn’t a fund. It isn’t a single-thesis bet. It acquires cash-generative operating businesses and uses that engine to accumulate Bitcoin,” it said.

“Executing that model at scale requires someone who understands the numbers, can close deals, and can manage institutional capital relationships, all at once. David does.”

The company holds just over 68 BTC, valued at $4.76 million in current market prices. It reported an average entry price of about $70,000 per Bitcoin and said the position is up 2.7%.

The leadership switch comes as cryptocurrency businesses become increasingly entangled with UK political figures, with Reform UK leader Nigel Farage among the most prominent political advocates of the sector. He announced his backing of the company in early March.

From Kasei Holdings to Stack BTC

Stack BTC relaunched in March with investment from Farage and former Conservative chancellor Kwasi Kwarteng, recasting itself as a Bitcoin treasury company. Its strategy centres on buying profitable operating businesses and using their cash flows to build a growing Bitcoin reserve.

The business originated as Kasei Holdings. It was established in 2021 before changing its name to Kasei Digital Assets and then finally StackBitcointreasury.

Since rebranding, the company has sought to present itself as a more focused vehicle. Patel remains a shareholder, while Galan—who has a background in property and corporate finance—has been tasked with delivering the revised model.

Farage invested £215,000 ($291,000) in the relaunched company and also took part in a £260,000 ($352,000) fundraising round earlier this year. The value of his holding has risen alongside movements in the Bitcoin price.

Some industry figures have expressed doubts about the venture’s positioning. Speaking to The Guardian, Ian Taylor of CryptoUK called the project a “PR branding exercise,” arguing that investors should “be doing their due diligence on the financials, the quality and experience of the management.”

Earlier this week, the Liberal Democrats called for an FCA inquiry into a promotional video released by Stack featuring Farage. Party leader Daisy Cooper said the regulator “must investigate whether Farage’s plans to cash in on crypto could potentially amount to market abuse and a conflict of interest,” accusing him of “using the Donald Trump playbook to put his own financial interests above the public good.”

Speaking to the BBC, a spokesperson for Farage stated that the video, which announced Slack’s purchase of £2 million in Bitcoin, was a “photo call,” and that the Reform UK leader “bought the crypto on behalf of Stack and not personally.”

Reform UK and crypto

Reform UK has embraced cryptocurrency more openly than other major parties, previously accepting digital asset donations and promoting pro-crypto policies.

Campaigners and politicians have argued that crypto-based donations could obscure the origin of funds or enable foreign influence in UK elections. The government has responded by introducing a temporary ban on such donations following a review into electoral risks, with further rules expected.

Farage and his supporters have pushed back, arguing that digital assets can be accommodated within existing frameworks and warning that tighter controls could disadvantage newer political entrants.

Stack BTC and Nigel Farage have both been approached for comment.