Reform UK leader Nigel Farage has further invested in Stack BTC Plc as the Aquis-listed company continues to raise capital to buy businesses and Bitcoin.
The MP for Clacton recently joined Blockchain.com in backing Stack BTC, led by executive chairman Kwasi Kwarteng.
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.
Stack BTC Plc has now raised a further £1,579,400 through a placing of 15,794,000 new ordinary shares at a price of 10 pence per share, and also raised £221,300 via a company subscription through 2,213,000 new ordinary shares at the same price.
Farage has agreed to invest a further £60,650 through the subscription.
Stack BTC is also planning to launch a retail offer of approximately £250,000 on 25th March.
The company is backed by a ‘concert party’ of investors comprising Paul Withers, Daniel Howe, Kwarteng, Jai Patel, Brendan Kearns and Sam Daughtry, which collectively hold 45.21% of its share capital. Following admission of the new ordinary shares, its aggregate shareholding will be reduced to 36.46%.
Stack BTC plans to acquire smaller UK companies and provide them with support to grow, while also building a Bitcoin treasury.
“I am delighted to announce the successful completion of the placing and subscription,” said Kwarteng. “The strong level of investor support is a clear vote of confidence in our strategy, our team, M&A strategic vision and Bitcoin treasury model.”
Stack said recently that its “business strategy aligns with Nigel Farage’s position as a champion of British business and long-time advocate of Bitcoin’s role in the future of finance”.
It has also entered into a strategic partnership with Blockchain.com to deliver institutional-grade services.
Earlier this year, Blockchain.com officially registered with the UK Financial Conduct Authority (FCA) to operate as a crypto asset business.