Nigel Farage takes 6% stake in UK bitcoin treasury firm Stack BTC

Reform UK leader backs London-listed company chaired by former Chancellor Kwasi Kwarteng as it expands bitcoin strategy.

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What to know:

• Nigel Farage invested in Stack BTC and will hold about 6.31% of the firm when the new shares begin trading on Aquis on March 12.
• Stack BTC, which currently holds 21 BTC, raised 260,000 pounds ($346,000) in a funding round that also included Blockchain.com.

Nigel Farage, leader of the Reform UK party, invested 215,000 pounds ($286,000) in Stack BTC (STAK), a U.K.-listed bitcoin BTC$68,032.17 treasury company, in a fundraising round that also involved Blockchain.com.

In total, the company raised 260,000 by selling 5.2 million new shares at 5 pence each, it said on Monday. The new shares are expected to begin trading on the Aquis Growth Market on March 12.

Farage invested through his Thorn In The Side Ltd. company and will hold 6.31% of Stack following admission of the new shares. Farage said he has long supported bitcoin and believes the U.K. should position itself as a global hub for the crypto industry. Reform is leading in the polls, and has attempted to court the crypto vote by accepting donations in cryptocurrency.

“I have long been one of the UK's few political advocates for Bitcoin,” he said in the statement, adding that London should continue to strengthen its role as a center for financial innovation.

Stack BTC is chaired by former Chancellor Kwasi Kwarteng, who said the investment aligns with the company's goal of building a portfolio of cash-generative U.K. businesses while accumulating bitcoin as a treasury asset. It currently holds 21 BTC.

Blockchain.com will work with the company to develop its bitcoin treasury infrastructure and institutional-grade custody services.

Stack BTC shares rose 12% to 6.875 pence as of 9:30 a.m. in London.

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