According to Financial Times News, former UK Chancellor Kwasi Kwarteng is backing the launch of Stack Bitcoin Treasury, a bitcoin investment company set to launch in London by year-end. Kwarteng, who served as chancellor for just one month in 2022 before his infamous “mini” Budget triggered a gilts market crisis, will become a non-executive director and co-founder. The company has soft-launched with an X account that currently has just 17 followers, and early signs suggest operational issues – the phone number on its website doesn’t work. Kwarteng confirmed his restricted period as a former minister ended a year ago and he’s not considering a return to politics after standing down as a Conservative MP in 2024. The venture is still completing regulatory work before full launch.
<h2 id="from-bonds-to-bitcoin“>From Bonds to Bitcoin
Here’s the thing – this feels like quite the pivot for someone whose last major financial move involved £45 billion in unfunded tax cuts that sent UK government borrowing costs soaring. Kwarteng told the FT that during his time in politics he “was very aware of how extended government expenditure was.” Now he’s promoting bitcoin as “a far greater preserver of wealth” than sovereign currency. The irony is pretty thick, isn’t it?
But look, this isn’t entirely out of left field. Kwarteng has a PhD from Cambridge on currency history and wrote a book about empires and debt back in 2014. He’s positioning this as following his long-standing interest in currencies rather than just cashing in on his political notoriety. Still, the timing is… interesting.
The Crypto Treasury Gold Rush
Stack Bitcoin is jumping into what’s become something of a frenzy this year. Over 100 similar crypto treasury companies have launched worldwide, with the model being pretty straightforward: listed companies raise money to buy bitcoin, aiming to rapidly accumulate coins. The problem? Many of these ventures have seen their share prices collapse from initial peaks as the initial excitement faded.
Kwarteng’s new company is being launched by Paul Withers, an entrepreneur who previously hired Nigel Farage to advertise his precious metals company. Farage has since embraced crypto himself, telling conferences his support is “a trade that works for both of us.” So we’re seeing a pattern here of political figures moving into this space.
Reality Check
Basically, the early signs aren’t exactly confidence-inspiring. A non-working phone number, delayed regulatory filings, and 17 Twitter followers don’t scream “well-oiled machine.” Kwarteng says he’ll hold equity and this will take up “quite a lot of my time” while he continues working for political consultancy Gunster Strategies Worldwide.
He told the FT that “crypto is not going to disappear” and London should play a part given its financial history. Fair enough. But after the mini-budget debacle, you’d think he’d be extra careful about his next big financial move. We’ll see if this venture actually gets off the ground by year-end as promised, or if it becomes another casualty of the cooling crypto treasury trend.
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