Direct Bullion, a UK gold dealer promoted by Reform UK leader and Member of Parliament (MP) Nigel Farage, is owned by Paul Withers, a businessman who is also the biggest shareholder in Stack BTC, an Aquis-listed company that holds Bitcoin (BTC) as a treasury asset and in which Farage is an investor. Farage's shareholding in Stack BTC is publicly disclosed. Withers, Stack BTC's largest shareholder, is also the owner of Direct Bullion, the company that has separately paid Farage £496,200. That connection does not appear on the Register of Members' Financial Interests, or, as far as Sandmark could establish, anywhere else.
Farage's Gold Sponsor Is Also the Top Shareholder in His Crypto Investment
1 July 2026 - 14:30 CEST
Promoting gold
Farage has been a brand ambassador for Direct Bullion since the beginning of 2025. Over that period he has received three payments from the company totalling £496,200, according to the latest UK Parliament Register of Members' Financial Interests. The Register does not specify the exact period covered by two of the three payments, but based on the hours disclosed, the arrangement appears to have paid Farage in the region of £14,000 to £18,000 an hour. The company's home page features a video of Farage next to a quote saying, "Nigel Farage recommends Gold Coins & Bars from Direct Bullion." The Direct Bullion payments were previously reported by the Financial Times and other UK media outlets following the latest update to the Register.
Direct Bullion was founded by Withers, a businessman who is also a director of the company. In its Companies House listing, Eleven Intl Ltd is named as the entity with significant control over Direct Bullion, and Withers is the sole director of Eleven Intl.
Crypto link
Withers is also the largest shareholder in Stack BTC, as well as serving as its chief strategy officer. Stack BTC has said it intends to combine mergers-and-acquisitions activity with holding Bitcoin as a corporate treasury asset, meaning it aims to hold Bitcoin rather than cash or traditional investments as its primary reserve.
In April, Farage invested £275,650 in Stack BTC as part of the company's £2.1mn equity raise. At the same time, the company announced its combined M&A-and-treasury strategy. It currently holds 26 bitcoins. Farage's shareholding, held through his declared company Thorn in the Side Ltd, is disclosed on the Register of Members' Financial Interests.
Political links
Farage was reportedly the first UK MP to actively promote a Digital Asset Treasury (DAT) firm, a listed company that holds cryptocurrency as its primary corporate asset rather than cash or traditional investments.
Stack BTC is fronted by Kwasi Kwarteng, a former UK Conservative politician who serves as the company's executive chair. Kwarteng was the UK's chancellor of the exchequer, the country's top finance minister, for a matter of weeks in 2022, when he was responsible for the mini-budget that triggered a sharp sell-off in sterling and a spike in gilt yields, and ultimately contributed to the downfall of Liz Truss's short-lived tenure as prime minister.
Future profit
Stack BTC's current market capitalization, the total value of all its outstanding shares, is around £5.5mn. Shareholders stand to make a significant profit if or when the company's value exceeds £100mn, according to the company's filings.
Sandmark approached Farage, Withers, Direct Bullion and Stack BTC for comment on the ownership link between Direct Bullion and Stack BTC, and had not received a response from any party by the time of publication.
There is no suggestion that Farage's support for crypto-friendly policy is connected to his financial interest in Stack BTC.
