The CEO has been ousted from the board of a cryptocurrency investment firm backed by Reform UK leader Nigel Farage.
Jai Patel has been replaced by David Galan at Stack BTC plc, which counts former short-lived Tory Chancellor Kwasi Kwarteng as its executive chair.
Paul Withers has also been appointed as chief strategy officer. Stack BTC said the changes are designed to strengthen the executive team with the experience and capability required to execute its strategy and deliver long-term value for shareholders.
Patel floated Kasei Holdings plc, a previous incarnation of the company, on the challenger Aquis exchange in November 2021 with the aim of providing investors with access to the fast-paced digital asset ecosystem. In 2024 it changed its name to Kasei Digital Assets Plc.
Following a strategic review last year – with £3.5m in crypto and cash assets – it decided to undergo a voluntary liquidation due to the costs of maintaining a public listing and inability to scale. It intended to pursue its investment strategy as a private company.
However towards the end of the year, a ‘concert party’ of investors comprising Withers, Daniel Howe, Kwarteng, Patel, Brendan Kearns and Sam Daughtry, came in to drive forward a new acquisition strategy and focus specifically on Bitcoin.
Kwarteng was appointed as executive chairman, with Withers named non-executive chair and Patel moving from chief investment officer to CEO.
Last month Farage, the MP for Clacton, joined Blockchain.com in backing Stack BTC, while soon afterwards the firm raised around £2m through a share placing, subscription and retail offer, with Farage investing a further £60,650 through the subscription – taking his total investment to £215,000 and holding to 6.3%.
It also entered into a strategic partnership with Blockchain.com to deliver institutional-grade services.
A day after the Liberal Democrats called for a Financial Conduct Authority inquiry into Farage’s promotion of the £2m raise, Stack BTC said Patel has stepped down from the board with immediate effect.
This followed “the completion of the transition from the company’s legacy business model to the new Stack BTC strategy”, it said, adding: “Jai remains a significant and supportive shareholder in the company.”
Galan brings extensive experience in capital markets, M&A and executive leadership to the role, says Stack BTC. He began his career as a chartered accountant at Arthur Andersen before moving into investment banking, where he gained significant experience in capital markets and corporate transactions.
He has since held CEO and CFO roles across a range of sectors, including real estate, hospitality and media, and has recent experience of executing Bitcoin treasury strategies alongside operational businesses.
Withers brings more than two decades of entrepreneurial, strategic and capital allocation experience across financial services, precious metals, FinTech and private markets.
He is the founder of Direct Bullion, a UK-based precious metals group serving retail, high-net-worth and pension clients – and also promoted directly by Farage at Reform UK events – and has led its expansion into international markets.
Kwarteng served as Chancellor for just 38 days before being sacked after his and former Prime Minister Liz Truss’s mini-Budget caused turmoil in the markets.