Stack, a United Kingdom Bitcoin (BTC) treasury, announced on Monday, April 13, that Nigel Farage, a U.K. Member of Parliament (MP), has bought £2 million (~$2.7 million) worth of the flagship cryptocurrency.
With the hefty purchase, Farage has become the first sitting MP and the first U.K. political party leader to publicly buy Bitcoin.
In the same announcement, Stack also hinted at more future purchases, stating that the latest acquisition is “only the beginning of a great journey.”
Nigel Farage-backed Stack BTC now holds nearly $5 million in Bitcoin
In another social media post published on the same day, Stack reported that it now holds 68 BTC. At the price of around $70,750 at the time of writing, Stack’s total Bitcoin holdings sit at approximately $4.81 million.
Farage, a vocal Bitcoin supporter, invested in Stack in early March, participating in a £260,000 ($346,814) equity raise alongside Blockchain.com, giving him a 6% stake in the business.
The firm is part of a growing wave of so-called digital asset treasury companies (DATs), publicly traded entities that accumulate cryptocurrencies on their balance sheets in order to benefit from rising prices.
This model gained a lot of traction in the mainstream in the United States last year, supported in many ways by the pro-crypto stance of President Donald Trump. Farage, one of Trump’s allies, stated that his investment reflected a broader ambition to position London as a leading global crypto hub.
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Source: https://finbold.com/nigel-farage-buys-2-7-million-worth-of-bitcoin/
