Nigel Farage has taken a significant stake in Kwasi Kwarteng’s bitcoin reserves company, as he ingratiates himself further with the cryptocurrency industry.
The Reform UK leader has invested £215,000 in Stack BTS, which is chaired by Kwarteng, who is best know for being the brains behind Liz Truss’s economy-crashing mini-budget.
Farage has acquired 4.3 million shares in the London-based firm through his investment vehicle Thorn In The Side Ltd, giving him 6.3 per cent ownership, the Independent reports.
Speaking about the investment, Farage said he was “delighted,” adding: “I have long been one of the UK’s few political advocates for bitcoin, recognising the role digital currencies will play in the future of business and finance.”
Kwarteng said: “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.”
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The move is the latest example of Farage and Reform aligning themselves with the crypto industry, with his party having received £12m in donations from a crypto billionaire last year.
Reform have also said they would accept donations through cryptocurrencies including bitcoin and Farage has said he would allow people to pay their taxes with crypto.
So, for some, the news that he was investing thousands in a crypto firm helmed by perhaps the worst chancellor in British political history was all a bit too on the nose.
Reacting to the news on social media, journalist Carole Cadwalladr said the “grift is truly off the charts.”
“The Trumpisation of UK politics continues,” she wrote. “To believe that this man was once (Britain’s worst ever) Chancellor.”
Meanwhile, Times columnist Fraser Nelson said it was an example of the “rise of shameless grift.”
Stack BTC is listed on the UK challenger stock exchange Aquis, and operates by building a portfolio of companies whose profits are reinvested into bitcoin.
The company now owns 21 bitcoins, which is worth just more than £1m.
Labour have questioned why Farage would choose to give his money to the “architect of Liz Truss’s disastrous mini Budget”.
A Labour Party spokesperson said: “Nigel Farage hailed Liz Truss’s disastrous economy-crashing mini-Budget as the ‘best Conservative budget since 1986’.
“Now the Reform leader is pouring hundreds of thousands of pounds into the business of the architect of that chaos.
“What a total slap in the face for families still footing massive mortgages. Farage proves time and time again that he simply isn’t on the side of working people.”