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Kwarteng-led, Farage-linked Stack BTC reports 'significant structural progress'
(Sharecast News) - Stack BTC reported "significant structural progress" in the first half of its financial year on Friday, as the company completed a recapitalisation, adopted a new strategy and began building a Bitcoin treasury following post-period fundraisings. The Aquis-traded, UK-based group, which focuses on acquiring cash-generative businesses alongside holding Bitcoin, said its unaudited interim results for the six months ended 31 January were marked by the completion of its recapitalisation and the admission of new ordinary shares to the AQSE Growth Market.
It also saw the appointment of former Chancellor Kwasi Kwarteng as executive chairman and Paul Withers as a director, alongside the company's rebranding to Stack BTC.
Following the period end, the company raised £4.3m through a series of equity fundraisings, including strategic investments from Clacton MP and Reform leader Nigel Farage and Blockchain.com.
The proceeds reportedly enabled the group to purchase 31 Bitcoin as it began executing its treasury strategy.
Stack BTC also strengthened its management team post-period, appointing David Galan as chief operating officer and director, and Melisa Lawton as a non-executive director.
Kwarteng said the period had laid the foundations for the company's dual strategy.
"The first half of the year marked significant structural progress, with the capital restructuring and implementing our new strategy of building a portfolio of small companies to support our Bitcoin accumulation.
"Since then, we have completed a series of fundraisings and attracted strategic investors which has enabled Stack to make its first Bitcoin purchases."
He added that the board was now focused on deploying capital and building scale.
"The board is now focused on delivering its first acquisition and advancing its dual strategy, whilst strengthening Stack's profile as a leading, well-governed Bitcoin treasury company."
At 1020 BST, shares in Stack BTC were up 0.43% on the Aquis market at 9.93p.
Reporting by Josh White for Sharecast.com.
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