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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
We suppose, given the people involved, it was only a matter of time before regular citizens were dragged in the development of Stack BTC, the bitcoin treasury company (now with bitcoin!) chaired by former chancellor Kwasi Kwarteng and backed by Nigel Farage.
Farage — who earlier this month invested £215,000 in Stack — has increased his commitment, having put a further £60,650 into the group on Wednesday at 10p a share as part of a £1.8mn total raise. The company said:
The net proceeds will be utilised to commence the Company’s M&A strategy, buy further Bitcoin to advance the Bitcoin treasury strategy and build a portfolio of high-quality, cash-generative businesses.
I’m delighted to announce the completion of a £1.8m placing and subscription for @stackbtc_
In just our second week of fundraising, we’ve been met with strong demand and highly constructive conversations across both institutional and retail investors.
What’s being built here…
— Kwasi Kwarteng (@kwasi_stackbtc) March 18, 2026
It seems odd for a company to aim to both do bitcoin treasury AND own high-quality, cash-generative businesses, but diversification is important.
Alongside Wednesday’s raise announcement, Stack followed its famous backers’ populist approach by giving regular punters a chance to get involved, presenting a retail share offer that aimed to raise approximately £250,000. Shares were 10p each — twice the price Farage paid earlier this month, but the same price at which he increased his stake. It said:
The Company values its retail shareholder base and believes that it is appropriate to provide both new and existing retail shareholders in the United Kingdom [spacing sic] the opportunity to participate in the WRAP Retail Offer.
Interested parties “should contact their broker or wealth manager” to get involved, the announcement said, with a minimum subscription of £500. It added:
Investors should make their own investigations into the merits of an investment in the Company.
Two days later, we now know how that went:
The Company has raised aggregate gross proceeds of approximately £94,700 in an offering that closed yesterday, 19 March 2026. The Company will issue a total of 947,000 new Ordinary Shares (the “ WRAP Retail Offer Shares “), at the Issue Price pursuant to the WRAP Retail Offer. Combined with the Placing announced on 18 March, the Company has raised a total of GBP 1,895,400.
Roughly 38 per cent take-up. Easily enough to become prime minister, not quite enough for two bitcoins. Farage may be succeeding in building a political “people’s army”. A retail one might not come as easily.