UK 09:10 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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I have fired off an email to the scumbag, morally bankrupt, journalist smearing PR firm Yellow Jersey and to London’s most conceited stockbroker, Mr. Andrew Monk of VSA Capital who both act for Stack BTC (BTC), the Kwasi Kwarteng run bitcoin spoof backed by shameless Nigel Farage. I do not expect an answer but my question matters
Stack now has c £4 million to fund its PLC costs and to invest in bitcoin.If you want to own bitcoin through an ETF you will find that the management charge you face is c0.5% per annum so if bitcoin goes up by 10% ( which I am not predicting) you make 9.5%.
So what are the management charges at Stack which now employs an expensive PR firm, VSA as its advisor and broker and also AlbR as a second broiker. Chuck in auditors, lwyers and listing cost an d that, on its own, will be costing the thuck end of £200,000 a year.
But then there is the board. It looks like it costs an absolute packet. For a tiny company it is huge comprising: Exec Chairman Kwasi Kwarteng, CEO Jai Patel, COO David Galan, Chief Bitcoin Officer Ray Christopher, CFO Brendan Kearns, Executive Director Paul Withers with just 1 NED Melissa Lawton to oversee the entire executive team. That imbalance is a corporate governance fail but it strikes me that the cost of paying the wages plus employers NI plus expenses etc of six executive directors and a NED cannot be less than £300,000 a year and I suspect that it is rather more.
Natch the advisors to Stack are not fessing up but if I am right then the management cost here, for a company whose sole activity is buying bitcoin, is not 0.5% as with the ETF but 12.5% of NAV or very possibly much more. It could easily be 15%. Do we really expect the bitcoin price to increase by 15% each and every year because if it doesn’t NAV will just go down.
If you do think bitcoin is going up by 15% a year but a bitcoin ETV valued at NAV and make 14.5% a year. Don’t pay more than twice NAV to buy shares in a company where – in your 15% scenario – NAV will be unchanged. It is madness. Rachel Reeves could work that out why can’t Farage?
Stack makes no sense. Its shares should not be trading at 10.125p ( more than twice NAV ) but at a double digit discount to a NAV of 4.6p and which is falling every day thanks to the bloated PLC costs.
I suspect that, if anything, my estimate of boardroom costs is too low. The silence of the advisors on this matter tells you everything. What on earth has Farage led his Reform UK sheeple into investing in?
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