According to Financial Times News, former UK chancellor Kwasi Kwarteng—whose infamous September 23, 2022 “mini” Budget with then-Prime Minister Liz Truss triggered a gilts market crisis and forced both their resignations after just over a month in office—is backing the launch of Stack Bitcoin Treasury, a crypto treasury vehicle set to launch in London by year’s end. Kwarteng, who stood down as a Conservative MP in 2024 after his restricted period as a former minister ended a year ago, told the FT he’s becoming a non-executive director and “co-founder” of the company, which was incorporated last month by entrepreneur Paul Withers. The company has soft-launched with an X account that currently has just 17 followers, and faces early operational issues including a non-working phone number on its website and a delayed regulatory notice that was hinted for Tuesday but hadn’t appeared by afternoon. Kwarteng said he’ll hold equity in the venture that will take up “quite a lot of my time” while he continues working for political consultancy Gunster Strategies Worldwide.
<h2 id="from-budget-blowup-to-bitcoin-booster”>From budget blowup to bitcoin booster
So the man whose £45 billion in unfunded tax cuts sent UK borrowing costs soaring and sterling to record lows is now pitching bitcoin as “a far greater preserver of wealth” than sovereign currency. The irony here is almost too perfect. Kwarteng actually makes the connection himself in a promotional video, noting that during his time in politics he “was very aware of how extended government expenditure was.” Basically, having helped demonstrate the fragility of government finances, he’s now positioning bitcoin as the solution.
Here’s the thing though—this isn’t just some random career pivot. Kwarteng has genuine credentials here, having written his PhD thesis on the 1695-97 recoinage crisis and authored a book about currency history back in 2014. The man clearly understands monetary systems, which makes you wonder: did his disastrous budget experience actually reinforce his belief in bitcoin’s value proposition?
A crowded and collapsing market
Now let’s talk about the market Kwarteng’s jumping into. More than 100 of these crypto treasury companies have launched worldwide after a summer frenzy, but many have seen their share prices collapse from initial peaks. The model—listed companies raising money to buy bitcoin—sounds simple enough, but it’s essentially betting the company’s entire value on bitcoin’s price movements.
And the early signs for Stack Bitcoin Treasury aren’t exactly confidence-inspiring. A phone number that doesn’t work? A regulatory notice that fails to materialize? An X account with 17 followers? These aren’t the hallmarks of a well-oiled financial operation. It feels more like someone slapped together a website over the weekend and hoped the famous name would do the heavy lifting.
Political celebrity meets crypto hustle
The Paul Withers connection is particularly interesting. This entrepreneur has form when it comes to hiring politicians—his precious metals company Direct Bullion paid Nigel Farage to appear in ads last year. And now Farage has embraced crypto too, telling a conference his support is “a trade that works for both of us.”
So what we’re seeing here is a pattern: political figures with name recognition getting involved in alternative asset ventures that play on public distrust of traditional finance. Kwarteng insists he’s not just doing ads—he’s taking equity and spending significant time. But given his track record with financial management, should investors really trust his judgment on what preserves wealth?
The former chancellor says crypto “is not going to disappear” and that London needs to play a part. He’s probably right about the first part, but the second part feels like he’s trying to position this as some kind of patriotic duty rather than what it actually is: a commercial venture capitalizing on his notoriety. After all, how many people would pay attention to Stack Bitcoin Treasury if it were being launched by some random entrepreneur instead of the man behind one of the most dramatic budget failures in modern UK history?
