CEO of Bitcoin Firm Championed by Nigel Farage Departs Company
The chief executive of a bitcoin company promoted by Reform UK leader Nigel Farage has resigned as the venture seeks to assure investors it can deliver long-term shareholder value. Jai Patel stepped down from Stack BTC with immediate effect, the company announced on Wednesday.
Relaunch with Political Backing
Stack BTC was launched with significant publicity in March this year, with Farage and former chancellor Kwasi Kwarteng among its initial shareholders. The company is founded by Paul Withers, a friend of Farage who owns Direct Bullion, a gold bullion firm also promoted by the Reform UK leader.
However, Stack BTC is a rebranded entity originally founded in 2021 by Patel as Kasei Investment Holdings. That company focused on cryptocurrency and digital asset investments, targeting over-45s to invest in crypto. It was liquidated last year after returning approximately $3.4 million to shareholders from an initial $6.1 million share capital, citing adverse market conditions and funding issues.
Transition and New Leadership
According to Withers, in December 2025, Patel facilitated the involvement of Withers and Kwarteng in the renamed Stack BTC, shifting its focus to a bitcoin treasury model. This strategy involves accumulating bitcoin and acting as a venture capital firm, with share prices tied to bitcoin's performance.
Farage invested £215,000 during the relaunch, and his stake has since increased in value by over £200,000 on paper. Withers, who has paid Farage more than £400,000 for promotions since 2021, claimed the company was built in nine months with Kwarteng.
Stack BTC stated that Patel's departure follows the completion of its transition to the new strategy, noting he remains a significant shareholder. He has been replaced by David Galan, a former real estate executive, whom the company praised for his experience in capital markets and mergers.
Criticism and Political Parallels
Ian Taylor of CryptoUK criticised the relaunch as a PR branding exercise, questioning the management quality and advising caution due to crypto volatility. He linked Farage's involvement to a strategy similar to that of former US president Donald Trump, who has profited from cryptocurrency ventures and received industry donations.
Taylor suggested that Farage is adopting Trump's talking points to gain political support and donations from the crypto sector. A Reform UK spokesperson previously commented that Farage is embracing the 21st century and would handle his Stack shares appropriately if he entered government.
The company's future now rests on its ability to execute its revised bitcoin-focused strategy under new leadership, amid ongoing scrutiny from investors and industry observers.
