A bitcoin company promoted by Nigel Farage has lost more than 15% of its asset value since launching in March this year, a drop that has reignited warnings about the risks of such investments and the role of public figures in endorsing them.
Stack BTC, a UK-based investment firm set up to hold bitcoin on behalf of its shareholders, has seen its investments fall by 15.48% — a loss of £565,000. The company’s share price has been even more volatile, tumbling 56.10% over the past year. As of 2 July 2026, its market capitalisation stood at £5.46 million. The Reform UK leader holds a 5.61% stake in Stack BTC, having invested £215,000 through his media company Thorn In The Side Ltd. He is the second-largest shareholder after Paul Withers, who owns 20.72%. The pair are the only shareholders with voting rights, each holding more than 5%.
Stack BTC is what is known as a bitcoin treasury company: it buys and holds bitcoin on behalf of its shareholders and then aims to use the gains from that holding to acquire other businesses. Unlike a diversified fund, it has no other assets to cushion it when the price of bitcoin falls. Susannah Streeter, chief investment strategist at Wealth Club, said: “Such a steep fall in value shows just how brutally volatile these assets remain and companies that simply stack up bitcoin holdings have no diversification cushion to soften the blow when prices turn.”
Farage’s involvement and endorsements
Despite a Reform UK spokesperson stating that Farage does not have a brand‑ambassador role at Stack BTC and has “simply bought shares”, the Reform leader appeared in a promotional video for the company earlier this year. Filmed at Blockchain.com’s London offices, the video showed him spending £2 million of the company’s money on bitcoin. Stack BTC described the moment as a “landmark” and claimed Farage was the first sitting MP and UK party leader to publicly buy bitcoin. A Reform spokesperson clarified that Farage bought the crypto “on behalf of Stack and not personally”.
The links between Farage and the company’s top figures run deeper. Paul Withers, the largest shareholder, is also founder and CEO of the gold dealer Direct Bullion. It was recently revealed that Direct Bullion paid Farage £270,000 for 12 hours of promotional work. Kwasi Kwarteng, the former Conservative chancellor who served briefly under Liz Truss, is executive chair of Stack BTC and owns 3.55% of its shares — Kwarteng and his wife together hold 5.4%. He appeared alongside Farage in the promotional video. Kwarteng previously described bitcoin as a “total crapshoot” but has since changed his stance.
Farage and Reform UK have long called for the deregulation of cryptocurrency. The party has proposed a “bitcoin reserve fund” and wants HMRC to accept crypto for tax payments. Reform UK became the first major UK party to accept cryptocurrency donations in May 2024. In early 2026 the party published a “Cryptoassets and Digital Finance Bill” promising to make Britain a “crypto powerhouse” with measures including a 10% capital gains tax on crypto. That bill was quietly removed from the party’s website at the end of May 2026, shortly after reports emerged that Farage was being investigated for failing to declare a £5 million gift from the crypto billionaire Christopher Harborne.
Donations, standards probe and political criticism
Harborne, a British‑Thai billionaire estimated to be worth £18.2 billion, has been a major donor to Reform UK, including a record £9 million donation in August 2025. The £5 million personal gift to Farage in early 2024 — made shortly before Farage announced his candidacy for the 2024 general election — is now the subject of an investigation by the Parliamentary Commissioner for Standards. Critics have raised concerns about potential conflicts of interest given Harborne’s financial interests in crypto and Reform UK’s pro‑crypto policies. The party’s payment processor for crypto donations, Radom, operates through a Polish‑registered entity not regulated by the Financial Conduct Authority. The Electoral Commission has requested information from Reform UK regarding its cryptocurrency donations.
The Liberal Democrats have called for MPs to be banned from “flogging” specific financial services and products. Lisa Smart MP, the Lib Dem Cabinet Office spokesperson, said: “It’s a disgrace that whilst the country grapples with the cost of living crisis, Nigel Farage is busy encouraging people to put money into what could be highly risky crypto investments.” The party has also asked the FCA to investigate whether Farage’s cryptocurrency promotions amount to attempted market abuse.
Labour has described Farage’s involvement as “a bid to line his own pockets” and questioned why he is investing alongside Kwarteng, whom they accuse of having “crashed the economy”.
Expert warnings on bitcoin treasury companies and celebrity endorsements
Financial experts have repeatedly warned investors about the dangers of putting money into bitcoin treasury companies, particularly when they are promoted by political figures. Streeter cautioned against investing in companies endorsed by public figures: “It can give an investment a veneer of legitimacy the underlying asset doesn’t deserve. People see a recognisable name putting their own money in and assume it de‑risks the investment, but that is often far from the case. If anything, investors should ask harder questions when something is being promoted by a familiar face rather than believing the hype.”
Peter Schiff, the US stockbrover who correctly predicted the 2008 financial crash, said: “I like Nigel Farage, but I would advise against investing in any bitcoin treasury company.” He added that politicians promote such firms because they “are trying to get votes from people who own bitcoin”.
Dan Coatsworth, head of markets at AJ Bell, pointed to the company’s chequered history. Stack BTC began life in 2021 as Kasei Investment Holdings, later renamed Kasei Digital Assets PLC, before being liquidated in 2025 due to market conditions and an inability to raise further capital. It was restructured and relaunched as Stack BTC in December 2025. “If you look back at Stack BTC’s history, the company has changed its name multiple times, which could be a red flag,” Coatsworth said. “In January, it announced an intention to build a portfolio of high‑quality, cash‑generative businesses. That sounds impressive, but there is a big difference between wanting to do something and achieving it. So far, Stack BTC has nothing to show but a series of ill‑timed bitcoin investments.”
The price of bitcoin itself has fallen by nearly 19% over the past year and about 28% over a six‑year period, underscoring the extreme volatility of the underlying asset. Stack BTC declined to comment.
