A pulsating electronic rhythm accompanies a video featuring Nigel Farage standing in front of a series of screens. At first glance, it may seem like just another instance of the Reform UK leader engaging in his “second jobs,” whether it’s advertising gold as a retirement option or creating Cameo videos. However, this time, Farage is endorsing a £2 million cryptocurrency investment by Stack BTC, a company in which he holds a £215,000 stake.
“We are about to finalize our bitcoin order,” Farage announces with a grin, showcasing the communication talents he has developed as a politician and a presenter on GB News. After he presses a button, a trumpet sound signals the “purchase,” and the scene shifts to him on a rooftop alongside Kwasi Kwarteng, the former Conservative chancellor known for his highly criticized mini-budget in Liz Truss’s government.
This promotional video, filmed recently at Blockchain.com’s London offices and released just as Farage was conducting his weekly press briefing, has reignited scrutiny regarding his association with Stack BTC. Kwarteng, who chairs the cryptocurrency firm, had previously labeled the currency a “total crapshoot” but seems to have reassessed his views.
Stack BTC operates as a “bitcoin treasury company,” aiming to become a publicly listed investment vehicle with a primary concentration on bitcoin. Essentially, the company’s goal is to amass the digital currency, with the expectation that its share price will mirror fluctuations in bitcoin’s value—rising when the cryptocurrency’s price increases and falling when it decreases.
This setup allows investors like Farage to benefit from bitcoin’s performance without directly purchasing the currency. Furthermore, Kwarteng, Farage, and others with interests in Stack have strong incentives to promote the success of bitcoin while having fewer reasons to highlight potential pitfalls.
Shortly after the video was shared, the Liberal Democrats urged the Financial Conduct Authority (FCA) to investigate whether Farage’s promotion of cryptocurrencies could constitute market manipulation. “No politician should leverage their platform to potentially enrich themselves or particular interests,” stated Daisy Cooper, the party’s deputy leader, referencing Reform’s previous advocacy for expanded cryptocurrency usage.
Farage and his party have previously called for deregulation, proposed a new “bitcoin reserve fund,” and suggested that HMRC accept cryptocurrency for tax payments. Cooper also pointed to Reform’s £9 million donation last year from Christopher Harborne, an investor in the cryptocurrency firm Tether, marking the largest single donation of its kind in UK history.
Concerns regarding Farage’s ties to Stack BTC were not limited to traditional center-left critics. Fraser Nelson, the former editor of the Spectator, recently characterized the situation as “a scandal hiding in plain sight,” mentioning that most politicians typically sell shares to avoid conflicts of interest. He further argued that if investors perceive Farage as a potential future Prime Minister who would advocate for cryptocurrency, “the upside becomes self-fulfilling. This investment isn’t merely a bet on bitcoin, but on political influence itself.”
Nelson confronted Kwarteng on Times Radio, alleging that Farage is acquiring shares for personal gain and that the company had offered him a lucrative bonus arrangement. Stack BTC has denied these claims, asserting that Farage’s investment was made on equal terms with all other shareholders.
Kwarteng humorously insisted that it was not certain either he or Farage would make “a tonne of money,” adding, “The bitcoin market is worth $2 trillion. The notion that Farage can sway it is absurd.” He expressed confidence that Farage would place his shares in a blind trust, divest them, or abstain from crypto-related decisions if he were to enter government.
Regarding Farage’s intentions, Kwarteng mentioned, “Anyone who buys shares aims to profit from them.” Questions arise about why Farage would engage in brand promotion with a former politician associated with significant economic failures. Nonetheless, he has indicated that he is earning what he calls “good money,” a welcome change after years of financial struggles.
His investment in Stack appears to have been positively impacted by his public profile. After acquiring a 6.3% stake in March, the company’s share price surged, quadrupling at one point; although it has since fallen, the shares still hold nearly double the value of Farage’s initial investment. He has subsequently expanded his stake by an additional £60,650 at a higher price, suggesting that the total value of his investment has risen by more than £200,000 on paper.
Stack is listed on the UK’s “challenger” stock exchange, Aquis, and is among several bitcoin firms accumulating assets and directing surplus funds into cryptocurrency. Co-founded by Paul Withers, who owns Direct Bullion, the company has previously compensated Farage £226,200 for his role as a brand ambassador for the gold firm.
Additionally, there exists a faction of affluent crypto supporters seemingly rewarding Reform for being a leading advocate for cryptocurrency within British politics. Alongside Harborne, billionaire Ben Delo has contributed £4 million to Reform since the year’s start, prior to the government’s cap on donations.
