CEO of Nigel Farage-Backed Bitcoin Treasury Firm Exits Amid Strategic Shift

Jai Patel exits Stack BTC as Nigel Farage and Kwasi Kwarteng push a new Bitcoin treasury strategy. Explore the risks behind this political crypto venture.

By: AXL Media

Published: Apr 16, 2026, 9:42 AM EDT

Source: Information for this report was sourced from the Guardian and the Independent.

A Leadership Shakeup at Stack BTC

The leadership of Stack BTC has undergone a significant transition as the company attempts to establish itself as a prominent player in the digital asset sector. Jai Patel, who had served as chief executive since the firm’s inception, announced his resignation on Wednesday, marking the end of his tenure during a period of intense public scrutiny. Patel’s exit coincides with the appointment of David Galan as the new CEO, a move intended to steer the company through its ambitious new strategy of acquiring small businesses to fund a Bitcoin reserve. The departure was framed by the board as the completion of a transition from the company’s legacy model to its current "Bitcoin treasury" framework.

Political Heavyweights Join the Board

The firm has attracted considerable attention due to the presence of two polarising figures in British politics on its shareholder register and board. Kwasi Kwarteng, who served as Chancellor of the Exchequer during Liz Truss’s brief premiership, currently serves as the executive chairman of the Aquis-listed company. Alongside him is Nigel Farage, the leader of Reform UK, who has invested approximately £215,000 in the venture through his media company, Thorn In The Side Ltd. This alignment of political influencers has sparked criticism from opposition parties, with Labour and Liberal Democrat representatives questioning the ethical implications of active politicians promoting high-risk speculative assets for personal financial gain.

From Liquidation to a Rebranded Relaunch

The current iteration of the business is a rebrand of a previous venture that struggled with severe financial difficulties. Originally founded in 2021 as Kasei Holdings PLC, the firm initially targeted older investors but was forced into liquidation last year after failing to raise sufficient capital amid a volatile cryptocurrency market. The company returned roughly £2.5 million to shareholders upon its collapse before being revived as Stack BTC in early 2026. This history of failure has led industry experts, including Ian Taylor of CryptoUK, to describe the relaunch as a "PR branding exercise" designed to leverage the notoriety of its celebrity backers rather than a fundamentally sound financial prospect.