Stack BTC appoints new CEO as Farage-linked Bitcoin venture reshuffles leadership

Stack BTC has replaced its chief executive after completing a shift in strategy, in a move the company said is intended to stabilise its UK bitcoin treasury approach and strengthen investor confidence.

On Wednesday, Stack BTC said Jai Patel, who founded the business in its earlier form, stepped down from the board with immediate effect.

New chief executive and revised strategy

Stack BTC announced that David Galan will take over as chief executive. The company said Galan brings dealmaking, financial and operational experience aligned with its “dual-engine model”.

In its statement, Stack BTC described the model as one that is not a fund or a single-thesis bet. Instead, it said it acquires cash-generative operating businesses and uses that engine to accumulate Bitcoin.

The company said executing the approach at scale requires someone who understands the numbers, can close deals, and can manage institutional capital relationships.

Bitcoin holdings and performance

Stack BTC said it holds just over 68 BTC, valued at $4.76 million at current market prices. It reported an average entry price of about $70,000 per Bitcoin and said the position is up 2.7%.

Political backdrop and investor scrutiny

The leadership change comes as cryptocurrency businesses face increasing scrutiny over links to UK political figures. Reform UK leader Nigel Farage has been one of the most prominent political advocates for the sector and announced his backing of Stack BTC in early March.

From Kasei Holdings to Stack BTC

Stack BTC relaunched in March with investment from Farage and former Conservative chancellor Kwasi Kwarteng, recasting itself as a Bitcoin treasury company. Its strategy centres on buying profitable operating businesses and using their cash flows to build a growing Bitcoin reserve.

The business originated as Kasei Holdings, established in 2021. It later changed its name to Kasei Digital Assets and then to StackBitcointreasury.

Since rebranding, the company has sought to present itself as a more focused vehicle. Patel remains a shareholder, while Galan—described as having a background in property and corporate finance—has been tasked with delivering the revised model.

Farage invested £215,000 ($291,000) in the relaunched company and also took part in a £260,000 ($352,000) fundraising round earlier this year. The value of his holding has risen alongside movements in the Bitcoin price.

Criticism from industry and political parties

Some industry figures have questioned the venture’s positioning. Ian Taylor of CryptoUK, speaking to The Guardian, called the project a “PR branding exercise” and said investors should conduct due diligence on the financials, as well as the quality and experience of management.

Earlier this week, the Liberal Democrats called for an FCA inquiry into a promotional video released by Stack featuring Farage. Party leader Daisy Cooper said the regulator must investigate whether Farage’s plans to cash in on crypto could amount to market abuse and a conflict of interest, accusing him of “using the Donald Trump playbook to put his own financial interests above the public good.”

Speaking to the BBC, a spokesperson for Farage said the video announcing Stack’s purchase of £2 million in Bitcoin was a “photo call”. The spokesperson said Farage bought the crypto on behalf of Stack rather than personally.

Reform UK’s stance on crypto

Reform UK has embraced cryptocurrency more openly than other major parties, including previously accepting digital asset donations and promoting pro-crypto policies.

Campaigners and politicians have argued that crypto-based donations could obscure the origin of funds or enable foreign influence in UK elections. The government responded by introducing a temporary ban on such donations following a review into electoral risks, with further rules expected.

Farage and his supporters have pushed back, arguing that digital assets can be accommodated within existing frameworks and warning that tighter controls could disadvantage newer political entrants.

Stack BTC and Nigel Farage have both been approached for comment.