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Stack BTC PLC on Friday reported that it had swung to a loss in the first half, amid a reorganisation of the company as it sharpens its focus on cryptocurrency. The London-based investment firm aims to build a portfolio of ‘high-quality’ and cash-generative businesses alongside a bitcoin treasury. It counts Reform UK leader Nigel Farage among its investors, and its chair is Kwasi Kwarteng, who served as the UK’s chancellor of the exchequer under prime minister Liz Truss in 2022. Stack swung to a net loss of £109,797 during the six months ended January 31, compared with profit of £1.5 million in the year ended July 31. The latter figure reflected a £2.3 million profit on the disposal of digital assets. Turnover for the first half ended in January decreased to £58,499 from £65,864 in financial 2025. Cash balance was £51,079 at the end of January, reduced from £2.9 million at July 31. The company listed back in 2021 under the name Kasei Digital Assets PLC and in November, released a statement explaining that it had considered various routes forward, including liquidation of the company, but instead decided on a capital reduction and return to shareholders. According to Stack, the move facilitated ‘a modified strategy focused on becoming a listed investment vehicle with a primary focus on bitcoin’. Its name change took effect in December, and last month, the company raised £94,700 through a retail offer priced at 10 pence per share. Take-up of the offer was less than half the £250,000 target that Stack had set out when it announced the offer. As of Friday, the company estimated that it has raised an aggregate £4.3 million via equity fundraisings, combined with investments from Farage and Blockchain.com. The company added that it has purchased 31 bitcoin so far. ‘Looking ahead, the board’s main priority is to execute the acquisition of its first operating business, to set the dual-engine bitcoin accumulation strategy in motion. The board has begun its search phase and is currently reviewing and in discussions with several potential acquisition targets,’ Stack noted. Chair Kwarteng commented: ‘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. The board is now focused on delivering its first acquisition and advancing its dual strategy, whilst strengthening the Stack’s profile as a leading, well-governed Bitcoin treasury company.’ Stack BTC shares were last quoted at 10.00 pence on Friday afternoon on the Aquis Exchange. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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