Reform UK leader Nigel Farage has invested in Stack BTC Plc, a company seeking to build a portfolio of cash-generative businesses alongside a Bitcoin treasury.
The MP for Clacton joined Blockchain.com in backing the company which is 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.
The equity fundraising, executed via a share placing, amounted to £260,000.
Stack said 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 plans to acquire smaller UK companies and provide them with support to grow.
It has also entered into a strategic partnership with Blockchain.com to deliver institutional-grade services.
“I am delighted to have become an investor in Stack and lend my support to the team. I have long been one of the UK’s few political advocates for Bitcoin, recognising the role digital currencies will play in the future of business and finance,” said Farage.
“London and the UK has historically been the centre of the world’s financial markets, and I believe that we can and should be a major global hub for the crypto industry.
“I also continue to champion the importance of UK SMEs who employ 60% of people working in the private sector. They are the source of future growth and innovation, which is why I am excited about Stack’s plans to acquire and grow British businesses, representing permanent, supportive and long-term capital.”
Earlier this year, Blockchain.com officially registered with the UK Financial Conduct Authority (FCA) to operate as a crypto asset business.
Founded in the UK, Blockchain.com has spent over a decade at the heart of the British crypto ecosystem as both a service provider and an active investor. Blockchain.com will work closely with the company on the development of its Bitcoin treasury strategy.
Kwarteng said: “We are absolutely delighted to have Nigel Farage and Blockchain.com become strategic investors in Stack.
“Nigel’s unwavering support for British business and belief that Bitcoin is set to rapidly expand its role in finance is perfectly aligned with the Company’s ethos and business plans. With Blockchain.com alongside we are partnering with a market leader in digital asset infrastructure to ensure we have the highest standards of custody services for our Bitcoin treasury.
“The company is building momentum, and we look forward to providing more updates in due course.”