Political scrutiny around digital assets is intensifying in the United Kingdom following calls to investigate the relationship between Reform UK leader Nigel Farage and bitcoin treasury company Stack BTC. The attention comes after Farage was featured executing a sizeable £2 million bitcoin purchase for Stack BTC, a move presented by the firm as a landmark in UK politics.
Calls for investigation of bitcoin promotion
Daisy Cooper, deputy leader of the Liberal Democrats, called on the Financial Conduct Authority (FCA) to review activities surrounding Farage and Stack BTC. Her concerns center on Farage’s roles both as a promoter and investor, raising questions about possible market manipulation and the risks retail investors may face.
Cooper sent a letter to FCA chief Nikhil Rathi, outlining her concerns that Farage’s dual roles could create conflicts of interest. She asked for clarification on whether such actions might constitute market abuse or an attempt to improperly sway market perceptions.
During her statement on X, Cooper suggested Farage could be adopting strategies similar to U.S. figures who have blended personal financial interests with public advocacy.
Farage could be using the Trump playbook to put his own interests above the public good.
The FCA has acknowledged Cooper’s request and said it will review the situation, though it has not provided a timeline for any decision.
The scrutiny goes beyond individual transactions, touching on broader questions about the financial ties between political entities and digital asset firms. Cooper called attention to a single £9 million donation to Reform UK by crypto investor Christopher Harborne, suggesting such sums are rare in UK politics.
Nigel Farage and stack btc’s evolving ties
Nigel Farage is a prominent British politician, currently Member of Parliament (MP) and leader of Reform UK, a right-leaning party campaigning for changes in political and economic policy. He previously led the UK Independence Party and has played a key role in Britain’s Brexit movement.
Last month, Farage made headlines with a £215,000 investment in Stack BTC through his media firm, acquiring about a 6.3% stake as the company completed a £260,000 fundraising round. Stack BTC, listed in London, specializes in bitcoin treasury management for institutions and offers secure storage solutions for digital assets.
Other investors in Stack BTC’s fundraising effort included Blockchain.com and former UK chancellor Kwasi Kwarteng. The company issued 5.2 million new shares at 5 pence each, with plans to list on the Aquis Growth Market.
Farage’s pro-crypto stance is well established. He has publicly encouraged the creation of a Bank of England bitcoin reserve and proposed allowing tax payments in digital assets. Reform UK, under Farage’s leadership, also receives bitcoin donations via the payments service Radom.
Stack BTC’s backers include Christopher Harborne, who is widely known as a major donor to cryptocurrency-related causes and Reform UK itself.
