Stack BTC names David Galan CEO as founder Jai Patel exits

Stack BTC announced on April 15 that founder Jai Patel had stepped down from the board with immediate effect and that David Galan would become chief executive. The change was posted on the company’s social channels.

The firm said it has shifted strategy to a “dual-engine” model that combines operating businesses with bitcoin accumulation. Under the plan, Stack BTC will acquire profitable, cash-generative companies and use their cash flow to build a bitcoin reserve. Patel remains a shareholder.

Stack BTC disclosed it holds just over 68 bitcoin, valued at about $4.76 million at current prices. The company reported an average entry price near $70,000 per coin and an unrealized gain of roughly 2.7 percent.

Stack BTC relaunched in March after raising capital from private investors, including Reform UK leader Nigel Farage and former chancellor Kwasi Kwarteng. Farage invested about £215,000 in the relaunched vehicle and took part in an earlier £260,000 fundraising round.

The business was established in 2021 as Kasei Holdings, later traded as Kasei Digital Assets and then rebranded as Stack BTC. The company described Galan’s background in chartered accountancy, investment banking and property and corporate finance as relevant to closing deals, managing institutional capital and scaling acquisitions.

Political scrutiny has followed the relaunch. Daisy Cooper, leader of the Liberal Democrats, urged the Financial Conduct Authority to investigate a promotional video featuring Nigel Farage, saying “the regulator must investigate whether Farage’s plans to cash in on crypto could potentially amount to market abuse and a conflict of interest.” A spokesperson for Farage called the video a “photo call” and added that Farage “bought the crypto on behalf of Stack and not personally.”

Ian Taylor of CryptoUK described the venture as a “PR branding exercise” and urged investors to review Stack BTC’s financials and management experience before investing. The UK government has imposed an immediate moratorium on cryptocurrency donations to political parties following a review into foreign financial influence, with parties required to return crypto donations within 30 days.

Stack BTC and Nigel Farage were approached for comment. The company reiterated it is structured to run and buy businesses and use their cash flow to accumulate bitcoin under Galan’s leadership.