UK Reform Party leader Nigel Farage invested £215,000 ($286,000) in UK-listed Bitcoin Stack BTC (STAK) Finance firm in a funding round that also saw participation from Blockchain.com.
The company said on Monday it had raised a total of 260,000 shares by issuing 5.2 million new shares at 5 pence each. The new shares are expected to begin trading on the Aquis Growth Market on March 12.
Farage invests through his company Thorn In The Side Ltd. and will hold a 6.31% stake in Stack after accepting the new shares. Farage said he has long supported Bitcoin and believes the UK should position itself as a global center for the crypto industry. Reform is leading the polls and is trying to win the crypto vote by accepting cryptocurrency donations.
“I have long been one of the UK’s few political advocates for Bitcoin,” he said in the statement, adding that London should continue to strengthen its role as a center for financial innovation.
Stack BTC is chaired by former Chancellor of the Exchequer Kwasi Kwarteng, who said the investment is in line with the company’s goal of building a portfolio of cash-generating UK businesses while accumulating Bitcoin as a treasury asset. Currently holding 21 BTC.
Blockchain.com will work with the company to develop its Bitcoin vault infrastructure and institutional-grade custody services.
Stack BTC shares were up 12% at 6.875 pence as of 9:30 a.m. in London.
