Stack BTC has replaced its CEO, with founder Jai Patel exiting the board and David Galan taking over. The UK Bitcoin treasury firm, which holds over 68 BTC worth $4.76 million, recently rebranded and secured a $291,000 investment from Reform UK leader Nigel Farage. The Liberal Democrats have called for a financial regulator inquiry into a promotional video featuring Farage.
Stack BTC has replaced its chief executive as it attempts to stabilize its Bitcoin-focused investment strategy. Founder Jai Patel has stepped down from the board, with David Galan appointed as the new CEO.
The company announced the leadership change stating Galan brings dealmaking and financial experience suited to its model. “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,” the firm said.
The business originated as Kasei Holdings in 2021 before rebranding. It holds just over 68 BTC, valued at $4.76 million at current prices.
Reform UK leader Nigel Farage invested $291,000 in the relaunched company. He participated in a $352,000 fundraising round earlier this year and appeared in a promotional video for the firm.
The Liberal Democrats have called for an FCA inquiry into the video. Party leader Daisy Cooper accused Farage of “using the Donald Trump playbook to put his own financial interests above the public good.”
A spokesperson for Farage told the BBC the video was a “photo call” and that he “bought the crypto on behalf of Stack and not personally.” Some industry figures have expressed skepticism, with Ian Taylor of CryptoUK calling the project a “PR branding exercise.”
Reform UK has embraced cryptocurrency, previously accepting digital asset donations. The government has since introduced a temporary ban on such donations following a review into electoral risks.
