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Reform UK leader supports London-listed firm chaired by former Chancellor Kwasi Kwarteng as it enhances its bitcoin strategy.
Nigel Farage (Gage Skidmore/Wikimedia Commons modified by CoinDesk)
Key information:
- Nigel Farage has invested in Stack BTC and will own about 6.31% of the company once the new shares commence trading on Aquis on March 12.
- Stack BTC, which currently possesses 21 BTC, secured 260,000 pounds ($346,000) in a funding round that also featured Blockchain.com.
Nigel Farage, head of the Reform UK party, allocated 215,000 pounds ($286,000) into Stack BTC (STAK), a U.K.-listed bitcoin treasury firm, during a funding initiative that also included Blockchain.com.
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The company raised a total of 260,000 by issuing 5.2 million new shares priced at 5 pence each, as announced on Monday. The new shares are anticipated to start trading on the Aquis Growth Market on March 12.
Farage’s investment was made through his Thorn In The Side Ltd. company, and he is set to hold 6.31% of Stack following the introduction of the new shares. Farage has expressed long-term support for bitcoin and is of the opinion that the U.K. should become a global center for the cryptocurrency sector. Reform UK is currently leading in polls and has sought to attract the crypto electorate by accepting donations in cryptocurrencies.
“I have long been one of the UK’s few political advocates for Bitcoin,” he stated, emphasizing that London should maintain its status as a hub for financial innovation.
Stack BTC is chaired by former Chancellor Kwasi Kwarteng, who noted that the investment is in line with the company’s objective of constructing a portfolio of cash-generating U.K. enterprises while amassing bitcoin as a treasury asset. The company currently holds 21 BTC.
Blockchain.com is set to collaborate with Stack BTC to enhance its bitcoin treasury infrastructure and provide institutional-grade custody services.
As of 9:30 a.m. in London, Stack BTC shares increased by 12% to 6.875 pence.
