Jai Patel has left Stack BTC's board, the company announced on Thursday. Patel founded the business in its earlier form and will remain a shareholder. David Galan takes over as chief executive as the bitcoin treasury vehicle shifts strategy and seeks to reassure investors.

Leadership change during relaunch

The departure of Jai Patel was confirmed in a statement issued by Stack BTC on 15 April 2026. The firm said Patel stepped down from the board with immediate effect and that David Galan would assume the role of chief executive. Patel founded the business when it traded under earlier names and retains an equity stake in the relaunched vehicle.

The change came after the business relaunched this year, shifting from Kasei Holdings to a model that uses operating profits to buy Bitcoin. Stack BTC now buys cash-generating companies and pours the profits into a Bitcoin reserve instead of running as a standard investment fund.

What the company said

Stack BTC set out its rationale in a public post from its official account, saying: "Stack BTC isn't a fund. It isn't a single‑thesis bet. It acquires cash‑generative operating businesses and uses that engine to accumulate Bitcoin." The company added that the revised approach required a leader who could close deals, manage numbers and handle institutional capital relationships simultaneously.

In introducing Mr Galan, Stack BTC highlighted his background in chartered accountancy, corporate finance and property. The firm said those skills map onto its "dual‑engine" model — managing operating businesses while building a bitcoin treasury.

Investor backing and holdings

The relaunch in March attracted high‑profile backers.

Nigel Farage, leader of Reform UK, invested £215,000 in the company and took part in a fundraising round earlier in the year that raised a further £260,000, the firm said. Former Conservative chancellor Kwasi Kwarteng also invested during the relaunch.

At the time of the announcement Stack BTC reported a holding of just over 68 bitcoin, which the company valued at roughly $4.76m using current market prices. The business disclosed an average entry price of about $70,000 per bitcoin and described the position as up roughly 2.7% since purchase.

Politics and scrutiny

The involvement of senior political figures has placed Stack BTC under public and regulatory scrutiny.

Nigel Farage publicly backed the relaunch and promoted the company in March, a move that prompted demands from the Liberal Democrats for the Financial Conduct Authority to examine the promotion.

Mastheads

Campaigners say high-profile political endorsements can blur campaigning and investment promotion — which is why the Lib Dems want the FCA to investigate Farage's push for Stack BTC. Stack BTC has argued that its model is distinct from a pooled investment vehicle, framing itself instead as an operating company that accumulates bitcoin via business cash flows.

From Kasei to Stack BTC

The business began life in 2021 as Kasei Holdings, later trading as Kasei Digital Assets before the latest rebrand to Stack BTC. The relaunch this year recast the group as a treasury company focused on bitcoin accumulation funded by operating profits rather than by direct market bets on the cryptocurrency alone.

Patel founded the group and steered it through its name changes and strategic pivots.

While stepping down from the board, Patel remains a shareholder, the company said.

Incoming chief executive

David Galan will lead the firm through its new operating model. Stack BTC described him as bringing a "rare combination" of dealmaking, financial and operational experience, referencing chartered accountancy training at Arthur Andersen and subsequent roles in investment banking and property finance.

The board has tasked Mr Galan with executing the dual strategy of acquiring cash‑generative businesses and using their free cash flow to build a bitcoin reserve. His job will be to run deal pipelines, keep investors onside and sort out tricky accounting where operating companies and Bitcoin sit on the same balance sheet.

Market and investor considerations

Just over 68 BTC is small for big crypto players but a meaningful holding for a tiny listed company. The average entry price the firm disclosed implies the bitcoins were bought at levels above long‑term averages, leaving performance sensitive to price swings.

Transitioning from a management team led by its founder to a CEO with an explicitly financial and operational resume signals a push to attract more institutional capital. Institutional investors typically prioritise transparent governance, stable cash flows and predictable reporting — areas where a CEO with accountancy and banking experience can help close perceived gaps.

At the same time, political endorsements can cut both ways. High‑profile backers may help raise awareness and close retail fundraising rounds. They can also invite political and regulatory scrutiny that complicates capital‑raising and corporate communications.

Broader sector context

Crypto and bitcoin treasury firms in the UK have operated in an environment of heightened attention from regulators and parliamentarians. Firms that combine trading or crypto holdings with operating businesses face accounting and disclosure questions that differ from those facing pure technology or commodity funds.

Stack BTC’s pivot to a business‑acquisition model places the company in a different category from exchange‑native trading houses. That distinction will be tested by how the firm reports revenue from operating subsidiaries, how it consolidates accounts and how it explains the linkage between corporate cash generation and bitcoin accumulation.

What to watch next

Investors will be watching the company’s next set of updates closely. Key milestones include the identification and acquisition of profitable operating businesses, progress in integrating those units, and how management translates operating cash into additional bitcoin purchases. Corporate governance matters — board composition, disclosure practices, and independent oversight — will also remain in focus.

For now, the immediate news is simple: founder Jai Patel has stepped down from the board and David Galan is chief executive. Patel remains a shareholder, and the company still holds its disclosed bitcoin position while pursuing the new strategy.

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Stack BTC said on Twitter that "executing that model at scale requires someone who understands the numbers, can close deals, and can manage institutional capital relationships, all at once."

This article was created with AI assistance.