Nigel Farage Makes Major Bitcoin Investment Through Kwasi Kwarteng's Firm
Reform UK leader Nigel Farage has executed a substantial £2 million purchase of bitcoin, marking a significant deepening of his ties with the cryptocurrency sector. The transaction was conducted through Stack BTC, a cryptocurrency reserve business chaired by former chancellor Kwasi Kwarteng, who served under Liz Truss.
A Landmark Moment in British Politics
Stack BTC has described Farage's investment as a "landmark moment" in British political history. The company asserts that the Reform UK leader is the first sitting MP and first UK political party leader to publicly acquire bitcoin. This move follows Farage's earlier investment of £215,000 in Stack back in March, demonstrating a consistent commitment to the digital currency market.
Farage and Reform UK have publicly pledged to liberalise the bitcoin market, advocating for reduced regulatory barriers. The party has also attracted millions in major donations from prominent cryptocurrency billionaires, including Thailand-based Christopher Harborne and Hong Kong-based Ben Delo.
Labour's Response and Calls for Investigation
In stark contrast, the Labour Party has moved to ban cryptocurrency donations to political parties entirely. Labour has formally requested the Electoral Commission to investigate potential undeclared crypto donations that Farage claims Reform UK has received but not yet officially declared.
Labour Party chair Anna Turley strongly criticised Farage's investment, questioning his decision to place funds with "the architect of Liz Truss's disastrous mini Budget." Turley stated, "Nigel Farage is hyping up a former Tory chancellor who crashed the economy, in a bid to line his own pockets."
She further emphasised, "From Farage's crypto-boosting to his deputy Richard Tice's admission that his business didn't pay the taxes it owed, Reform are more interested in themselves than in standing up for working people."
Stack BTC's Business Model and Kwarteng's Role
Stack BTC, a London-based firm listed on the UK challenger stock exchange Aquis, operates by building a portfolio of companies and channelling their surplus cash directly into bitcoin. The company's core objective is to establish a substantial bitcoin treasury through continuous accumulation of the digital currency.
Kwasi Kwarteng, who oversaw the controversial 2022 mini-budget alongside Liz Truss, assumed the role of executive chair at Stack in October last year. Kwarteng and his wife jointly own 5.4 percent of the company, solidifying their financial stake in the cryptocurrency venture.
Tax Controversy Surrounding Deputy Richard Tice
The press conference also saw Farage defend his deputy, Richard Tice, for the first time regarding allegations of improper tax payments. Tice, who serves as the party's business spokesperson and co-owns Reform UK with Farage, has been accused of failing to pay tens of thousands of pounds in tax on dividends distributed to him and his offshore trust.
Allegations published in The Sunday Times suggest Tice received "at least £91,000 in excess payments" due to this failure. Tax expert Dan Neidle claimed that Tice's company "broke the law," noting that tax on dividends should have been paid immediately rather than delayed.
Farage dismissed Neidle as "a Labour activist" and argued that Tice had likely "paid more tax than had his company paid corporation tax." He maintained that the taxation area was "extremely complicated" but insisted there was no suggestion Tice had avoided tax.
Immigration Inquiry Announcement
During the same press conference, Farage and his home affairs spokesman announced plans for an inquiry into the so-called "Boriswave" of immigration between 2020 and 2024. This announcement came despite two key figures from that period—former home secretary Suella Braverman and ex-immigration minister Robert Jenrick—having since defected to Reform UK.
Farage claimed that the costs associated with a generation of non-EU migrants arriving in Britain after 2021 would become an "economic millstone" for the country. He warned, "If over a couple of million people get indefinite leave to remain over the course of the next 18 months, we will be putting around our necks an economic millstone that, frankly, will be catastrophic."
He later defended ex-Conservatives who served in Boris Johnson's government and have since joined Reform UK, stating they had tried to prevent the immigration "disaster" from within the Conservative Party.
