"Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng becoming some of its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns a gold bullion company that Farage has also promoted, Direct Bullion."
"Kasei was liquidated last year. It launched with $6.1m in share capital, but on liquidation returned approximately $3.4m to shareholders and removed most of the board. The company said at the time it failed because of a combination of adverse market conditions, volatility in digital asset valuations and an inability to raise further capital."
"The aim was to accumulate the digital currency, and act as a venture capital firm, acquiring smaller companies and reinvesting the revenue in bitcoin. When the price of bitcoin rises, the company's share price would generally be expected to follow suit; when the price falls, so would the share price."
Stack BTC, a bitcoin company promoted by Nigel Farage, has seen its chief executive Jai Patel depart amid efforts to attract investors. Launched in March, Stack BTC is a rebranded version of Kasei Investment Holdings, which was liquidated last year after failing to meet investment objectives. The new company aims to accumulate bitcoin and operate as a venture capital firm. However, its success is tied to bitcoin's volatile market performance, raising concerns about its long-term viability and shareholder value.
Read at www.theguardian.com
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