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The Guardian World1 min read
CEO of bitcoin firm championed by Nigel Farage leaves company
TL;DR
The CEO of bitcoin firm Stack BTC, promoted by Nigel Farage, has left the company as it seeks to assure investors of its long-term value. Stack BTC was launched earlier this year and is a rebranded version of Kasei Investment Holdings, which faced liquidation last year.
Key points
- CEO Jai Patel of Stack BTC has left the company
- Stack BTC is promoted by Nigel Farage and Kwasi Kwarteng
- The company was previously known as Kasei Investment Holdings
- Kasei was liquidated last year due to market challenges
- Stack BTC aims to accumulate bitcoin and reinvest revenue
Mentioned in this story
Nigel FarageKwasi KwartengJai PatelStack BTCKasei Investment Holdings
The chief executive of a bitcoin company promoted by Nigel Farage has left his role as the venture attempts to convince investors that it is going to deliver “long-term value” for shareholders.
Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng becoming some of its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns a gold bullion company that Farage has also promoted, Direct Bullion.
However, Stack BTC is a renamed company which was founded in 2021 by Jai Patel, whose departure as chief executive was announced on Wednesday. The company, formerly called Kasei Investment Holdings, invested in cryptocurrency and a range of other digital assets. It aimed to encourage over-45s to invest their money in cryptocurrencies.
Kasei was liquidated last year. It launched with $6.1m (£4.5m) in share capital, but on liquidation returned approximately $3.4m (£2.5m) to shareholders and removed most of the board. The company said at the time it failed because of “a combination of adverse market conditions, volatility in digital asset valuations and an inability to raise further capital” which “left the company without the critical mass or funding necessary to execute its investment objectives”.
In December 2025, according to Withers, Patel brought the Direct Bullion owner and Kwarteng together to join the board of the renamed company, Stack BTC, with a changed focus as a so-called bitcoin treasury company. The aim was to accumulate the digital currency, and act as a venture capital firm, acquiring smaller companies and reinvesting the revenue in bitcoin. When the price of bitcoin rises, the company’s share price would generally be expected to follow suit; when the price falls, so would the share price, meaning the investors would make paper gains when bitcoin did well.
Withers has been friendly with Farage since 2021 and paid him more than £400,000 last year to promote his gold company. He was one of the original advertisers on GB News, and was at the Reform conference last year.
Farage joined Stack BTC when it officially relaunched with its share admission. Investing £215,000, he was one of the first funders of the new company, which Withers claimed was “built” in “nine months” with Kwarteng. On paper, the total value of Farage’s stake appears to have increased since then by more than £200,000.
Q&A
Why did the CEO of Stack BTC leave the company?
The CEO, Jai Patel, left Stack BTC as the company attempts to reassure investors about its long-term value amid challenges.
What is Stack BTC and how is it related to Nigel Farage?
Stack BTC is a bitcoin firm promoted by Nigel Farage, who became one of its first shareholders when it launched earlier this year.
What happened to Kasei Investment Holdings before it became Stack BTC?
Kasei Investment Holdings was liquidated last year due to adverse market conditions and an inability to raise further capital, returning approximately $3.4 million to shareholders.
What is the business model of Stack BTC?
Stack BTC aims to accumulate bitcoin and act as a venture capital firm, reinvesting revenue in bitcoin and acquiring smaller companies.
