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UK Far-Right Leader Nigel Farage Buys Over $2 Million in Bitcoin

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Stack BTC Holdings

Nigel Farage has become the first sitting UK MP to publicly buy Bitcoin, fronting a £2 million ($2.5 million) purchase through Stack BTC Plc.

The move marks a historic crossover between politics and crypto, and signals growing institutional confidence in Bitcoin as a treasury asset.

Inside the £2.5 Million Bitcoin Treasury Strategy

The transaction, executed on April 13, 2026, positions Farage as both the first sitting Member of Parliament and the first UK political party leader to publicly participate in a Bitcoin purchase.

The deal was carried out at Blockchain.com’s London headquarters, where Farage was filmed taking part in the process.

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According to Stack BTC, the move is a “landmark moment,” amid the firm’s strategy to build a corporate Bitcoin reserve.

Farage, a key shareholder, emphasized the rationale that a Bitcoin treasury company must actively accumulate the asset to remain credible.

The $2.5 million buy was funded through recent capital raises totaling over £4.2 million ($5.25 million). Stack BTC’s model combines acquiring profitable UK businesses with converting surplus capital into Bitcoin, effectively treating BTC as a long-term balance sheet asset.

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The company previously held a small position of 21 BTC but is now scaling aggressively with 68.19 Bitcoins in its treasury as of this writing.

Stack BTC Holdings
Stack BTC Holdings

This mirrors a broader trend among firms globally adopting Bitcoin as “digital gold” amid inflation concerns and fiat currency volatility.

Backing the initiative is Kwasi Kwarteng, former UK Chancellor and Executive Chairman of Stack BTC, adding political and financial credibility to the strategy.

“…our mission to build the UK’s premier Bitcoin treasury company and put London at the centre of this new monetary era,” wrote Kwarteng in a post.

Market Impact and Investor Signals

Farage’s move lands at a sensitive moment for crypto markets, with Bitcoin experiencing recent price weakness. The timing reflects conviction, buying during dips rather than chasing highs, much like what MicroStrategy and Michael Saylor does.

The main question, however, is whether this signals a broader wave of UK corporate Bitcoin adoption. Public, politically-linked participation could normalize BTC exposure among institutional and retail investors alike.

However, the move raises questions around optics and potential conflicts of interest, given Farage’s equity stake in the company executing the purchase.

Policy Pressure and Crypto Adoption

Farage has long advocated for the UK to become a global crypto hub. Reform UK previously accepted cryptocurrency donations and has pushed for more favorable digital asset policies.

This high-profile purchase intensifies pressure on UK regulators and rival political parties to clarify their stance on crypto.

It also highlights the growing intersection between political influence and financial innovation.

The immediate financial impact of the £2 million purchase is modest, but its symbolic weight is significant. As Stack BTC continues to deploy capital into Bitcoin, markets will watch for follow-on buys and balance sheet growth.

More importantly, Farage’s move could accelerate political debate around crypto regulation, taxation, and institutional adoption in the UK.

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If additional public figures or companies follow suit, Bitcoin’s role in mainstream finance—and politics—may expand rapidly in the months ahead.

The post UK Far-Right Leader Nigel Farage Buys Over $2 Million in Bitcoin appeared first on BeInCrypto.

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Crypto World

Aave’s TVL Falls $8B After $293M Kelp DAO Hack

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Aave’s TVL Falls $8B After $293M Kelp DAO Hack

Total value locked on decentralized lending protocol Aave dropped by nearly $8 billion over the weekend after hackers behind the $293 million Kelp DAO exploit borrowed funds on Aave, leaving roughly $195 million in “bad debt” on the protocol and triggering withdrawals.

Data from DeFiLlama shows that Aave’s TVL fell from about $26.4 billion to $18.6 billion by Sunday, losing the top spot as the largest DeFi protocol. 

Aave v3’s lending pools for USDt (USDT) and USDC (USDC) are now at 100% utilization, meaning that more than $5.1 billion worth of stablecoins cannot be withdrawn until new liquidity arrives or borrows are repaid. 

$2,540 is available to be withdrawn from the $2.87 billion USDT pool on Aave v3 at the time of writing. Source: Aave

Aave’s TVL fall shows how rapidly risk from a single security incident can spread throughout the broader, interconnected DeFi lending market, potentially leading to a severe liquidity crisis.

The incident began on Saturday when hackers stole 116,500 Kelp DAO Restaked ETH (rsETH) tokens worth about $293 million from Kelp DAO’s LayerZero-powered bridge and used them as collateral on Aave v3 to borrow wrapped Ether (wETH).

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Crypto analytics platform Lookonchain said the move created about $195 million in “bad debt” on Aave, which contributed to the Aave (AAVE) token tanking nearly 20% from $112 on Saturday at 6:00 pm UTC to $89.5 about 25 hours later. 

Lookonchain noted that some of the largest crypto whales to withdraw funds from Aave were the MEXC crypto exchange and Abraxas Capital at $431 million and $392 million, respectively.

Source: Grvt

Several crypto networks and protocols tied to rsETH or the LayerZero bridge have paused use of the bridge until the problem is resolved, including DeFi platform Curve Finance, stablecoin issuer Ethena and BitGo’s Wrapped Bitcoin (WBTC).

Aave has frozen several rsETH, wETH markets

Shortly after the Kelp DAO exploit, Aave said it froze the rsETH markets on both Aave v3 and v4 to prevent any suspicious borrowing and later stated that rsETH on Ethereum mainnet remains fully backed by underlying assets.

WETH reserves also remain frozen on Ethereum, Arbitrum, Base, Mantle and Linea, Aave said.

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This incident marks the first significant stress test of Aave’s “Umbrella” security model, which was introduced in June 2025 to provide automated protection against protocol bad debt while enabling users to earn rewards.

Related: Aave DAO backs V4 mainnet plan in near-unanimous vote

Earlier this month, the Bank of Canada found that Aave avoided bad debt in its v3 market by using overcollateralization, automated liquidations and other strategies that shifted risk to borrowers.

In comments to Cointelegraph, Aave defended its liquidation-based model, framing it as a core safety mechanism that protects lenders while limiting downside for borrowers.

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It comes as Aave parted ways with its longest-standing DeFi risk service provider, Chaos Labs, on April 6, following disagreements over the direction of Aave v4 and budget constraints.

Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?