Nigel Farage has invested in Kwasi Kwarteng’s bitcoin treasury company, in the first public funding of a crypto business by the Reform UK leader who has sought to strengthen ties with the nascent industry.
The MP has invested £215,000 in Stack BTC Plc, the crypto-holding business led by the former Conservative chancellor, the company said on Monday.
Stack Bitcoin is one of hundreds of companies that last year joined the global rush to buy and hold bitcoin. Kwarteng, a former MP who is best known for his month-long spell as chancellor during which the mini-budget led to a crisis in the gilts market, is the company’s executive chair.
Farage has courted the UK’s crypto sector and positioned himself as its saviour, vowing to champion Britain’s digital assets industry.
In May last year, his party said it would start accepting donations in cryptocurrencies, while also announcing that a Reform government would allow crypto to be used to pay taxes and set up a sovereign wealth fund comprised of crypto assets.
Farage’s highly publicised endorsement of cryptocurrencies was widely seen as an effort to style himself in the image of US President Donald Trump in a field where there are few high-profile figureheads in Britain.
Senior party officials saw the move as a way of potentially attracting new and younger voters, as well as tapping into a wider pool of potential donors.
Farage’s investment was made through his media company, Thorn In The Side Ltd. The personal investment is likely to attract scrutiny from politicians in Westminster, some of whom have called for crypto donations to be banned in politics.
Kwarteng welcomed Farage’s decision to become a “strategic investor”.
“Nigel’s unwavering support for British business and belief that bitcoin is set to rapidly expand its role in finance is perfectly aligned with the company’s ethos and business plans,” he said.
Farage has railed against UK politicians and regulators’ aversion to crypto, and has previously said he would occasionally “have a bit of fun” with digital asset trading.
Last week, Reform gained its second big donation from crypto investor Christopher Harborne, taking the total he gave last year to £12mn.
Kwarteng has a 5.4 per cent shareholding in the company, which includes shares owned by his wife. Stack’s biggest shareholder is Paul Withers, chief executive of Direct Bullion, who has previously paid Farage hundreds of thousands of pounds for advertising the gold dealer.
Silencer-1995 on
Not really surprising I guess, Farage is pro-crypto, he harps on about it every so often.
Former political guy with background in economics involved in economics.
I dunno I get what the headline is going for, its like “oh no two Darth Vaders have united!” but when you look into it I think its just a generic business transaction that is in keeping with Farage’s philosophy unless I’m missing something?
hoopjoness on
Work in commodities and this has so many red flags. Look at how Trump is devaluing the dollar and promoting bitcoin to see how this kind of thing will ripple across our economy
nothingnew09876 on
Kwasi Kwarteng, sounds like a keyboard assembled by a dyslexic with bad eyesight
SensitivePotato44 on
I wouldn’t trust Kami Kwazi to run an ice cream truck. Hope he loses the lot
I_want_roti on
Kwasi does anything but an actual days work to earn money where he can.
I was unfortunate to have him as my MP for 14 years and he did absolutely nothing except write books then had a 6 week stint as Chancellor and fucked shit up
birdinthebush74 on
Reform have received over 22 million from Cypto billionaire Christopher Harbourne
9 commenti
Nigel Farage has invested in Kwasi Kwarteng’s bitcoin treasury company, in the first public funding of a crypto business by the Reform UK leader who has sought to strengthen ties with the nascent industry.
The MP has invested £215,000 in Stack BTC Plc, the crypto-holding business led by the former Conservative chancellor, the company said on Monday.
Stack Bitcoin is one of hundreds of companies that last year joined the global rush to buy and hold bitcoin. Kwarteng, a former MP who is best known for his month-long spell as chancellor during which the mini-budget led to a crisis in the gilts market, is the company’s executive chair.
Farage has courted the UK’s crypto sector and positioned himself as its saviour, vowing to champion Britain’s digital assets industry.
In May last year, his party said it would start accepting donations in cryptocurrencies, while also announcing that a Reform government would allow crypto to be used to pay taxes and set up a sovereign wealth fund comprised of crypto assets.
Farage’s highly publicised endorsement of cryptocurrencies was widely seen as an effort to style himself in the image of US President Donald Trump in a field where there are few high-profile figureheads in Britain.
Senior party officials saw the move as a way of potentially attracting new and younger voters, as well as tapping into a wider pool of potential donors.
Farage’s investment was made through his media company, Thorn In The Side Ltd. The personal investment is likely to attract scrutiny from politicians in Westminster, some of whom have called for crypto donations to be banned in politics.
Kwarteng welcomed Farage’s decision to become a “strategic investor”.
“Nigel’s unwavering support for British business and belief that bitcoin is set to rapidly expand its role in finance is perfectly aligned with the company’s ethos and business plans,” he said.
Farage has railed against UK politicians and regulators’ aversion to crypto, and has previously said he would occasionally “have a bit of fun” with digital asset trading.
Last week, Reform gained its second big donation from crypto investor Christopher Harborne, taking the total he gave last year to £12mn.
Kwarteng has a 5.4 per cent shareholding in the company, which includes shares owned by his wife. Stack’s biggest shareholder is Paul Withers, chief executive of Direct Bullion, who has previously paid Farage hundreds of thousands of pounds for advertising the gold dealer.
Not really surprising I guess, Farage is pro-crypto, he harps on about it every so often.
Former political guy with background in economics involved in economics.
I dunno I get what the headline is going for, its like “oh no two Darth Vaders have united!” but when you look into it I think its just a generic business transaction that is in keeping with Farage’s philosophy unless I’m missing something?
Work in commodities and this has so many red flags. Look at how Trump is devaluing the dollar and promoting bitcoin to see how this kind of thing will ripple across our economy
Kwasi Kwarteng, sounds like a keyboard assembled by a dyslexic with bad eyesight
I wouldn’t trust Kami Kwazi to run an ice cream truck. Hope he loses the lot
Kwasi does anything but an actual days work to earn money where he can.
I was unfortunate to have him as my MP for 14 years and he did absolutely nothing except write books then had a 6 week stint as Chancellor and fucked shit up
Reform have received over 22 million from Cypto billionaire Christopher Harbourne
[https://donation.watch/en/unitedkingdom/party/REFORM/donors](https://donation.watch/en/unitedkingdom/party/REFORM/donors)
“Bitcoin company run by Kwasi Kwarteng” if that doesn’t raise massive red flags I don’t know what does!
No surprises by Mr Let’s Deregulate Crypto.
The fact that some people actually support this guy is baffling