A cryptocurrency firm backed by Nigel Farage and former Tory Chancellor Kwasi Kwarteng has bought £2million worth of bitcoin.
Stack BTC, which is listed on London’s challenger stock exchange Aquis, confirmed it had purchased 37 Bitcoin, worth around £2million, even as the cryptocurrency faces heightened volatility.
London-headquartered Stack BTC works by building a portfolio of companies and investing the surplus cash they make into bitcoin and is aiming to build a bitcoin treasury.
It now holds 68 Bitcoin, worth £3.7million, following its most recent investment.
In a promotional video posted to X on Monday, Kwarteng, who served as Chancellor under Liz Truss’ short premiership, said the purchase was ‘only the beginning of a great journey.’
He controls a 5.4 per cent stake in Stack together with his wife, Harriet.
Nigel Farage and Kwasi Kwarteng both hold stakes in Bitcoin treasury firm Stack BTC
Farage invested £215,000 in the Stack BTC last month, holding a 6.3 per cent stake in the company, having consistently supported the use of cryptocurrency.
Supporters of bitcoin say it acts as ‘digital gold’ hedging against inflation and fiat currency volatility, but it has suffered sharp falls since the start of the war as investors flock to safer assets.
Bitcoin is currently trading at around $74,000, having started the year at around $92,000. It hit a peak of $126,000 in October 2025, so it currently down 40 per cent on its peak.
Stack’s purchase of more bitcoin comes as the Government plans to crack down on crypto donations to political parties, from which Reform has benefited.
Reform has pledged to cut taxes on crypto and set up a bitcoin reserve fund if elected, which would allow people to pay tax in Bitcoin.
At the time of the investment, Farage said: ‘I have long been one of the UK’s few political advocates for Bitcoin, recognising the role digital currencies will play in the future of business and finance.
‘London and the UK has historically been the centre of the world’s financial markets, and I believe that we can and should be a major global hub for the crypto industry.’
Stack BTC isn’t the first London-listed company building a Bitcoin treasury.
The Smarter Web Company, which made its market debut in February, has spent millions of investor capital buying the cryptocurrency.
On Tuesday, it said it purchased 11 additional bitcoin for approximately £593,000, bringing its total holdings to 2,706 Bitcoin, acquired at an average £82,437 per coin.
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