10 April 2026
Stack BTC Plc
(“the Company”)
Unaudited Interim Report
Stack BTC Plc (“STAK” or the “Company”), the UK-based company focused on building a portfolio of high-quality, cash-generative businesses, alongside a Bitcoin treasury, announces its unaudited interim report for the six-month period ended 31 January 2026.
Highlights:
Completion of recapitalisation and Admission of New Ordinary Shares to AQSE Growth Market
Kwasi Kwarteng appointed Executive Chairman and Paul Withers as Director
Change of company name to Stack BTC Plc
Post-Period
Raised £4,277,900 in aggregate through equity fundraisings including strategic investment from Nigel Farage and Blockchain.com
Purchased 31 BTC
Appointments of David Galan as COO and Director and Melisa Lawton as Non-Executive Director
Kwasi Kwarteng, Executive Chairman of STAK commented:
“The first half of the year marked significant structural progress, with the capital restructuring and implementing our new strategy of building a portfolio of small companies to support our Bitcoin accumulation. Since then, we have completed a series of fundraisings and attracted strategic investors which has enabled Stack to make its first Bitcoin purchases. The Board is now focused on delivering its first acquisition and advancing its dual strategy, whilst strengthening Stack’s profile as a leading, well-governed Bitcoin treasury company.”
For further information please contact:
Stack BTC Plc Jai Patel Chief Executive Officer
Jai@stackbitcoin.co.uk
VSA Capital Limited (AQSE Corporate Adviser and Broker) Andrew Raca Sam Gurung
+44 (0) 20 3005 5000 mail@vsacapital.com
Yellow Jersey PR Charles Goodwin
+44 (0) 774 7788 221 Charles@yellowjerseypr.com
About Stack BTC Plc
Stack BTC Plc is a UK-based operating company with a clear long-term objective: to build a portfolio of high-quality, cash-generative businesses and deploy the resulting surplus capital into Bitcoin as a strategic treasury asset. Our model combines disciplined mergers and acquisitions with long-term capital stewardship, creating a scalable platform for value creation and balance-sheet strength.
Further information on the Company is available at
https://www.stackbitcoin.co.uk/
.
For latest news and updates from the Company, investors can register at:
https://www.stackbitcoin.co.uk/register-interest
MANAGEMENT REPORT
FOR
THE
PERIOD
ENDED
31
JANUARY
2026
Backgroundand
Context
Stack BTC Plc (the “Company”) was incorporated and admitted to trading on the Aquis Growth Market in its prior form as Kasei Digital Assets Plc, a digital assets investment company. Following a strategic review and recapitalisation, the Board resolved to reposition the Company as an operating company focused on acquiring profitable businesses alongside a Bitcoin treasury — a model that the Directors believe offers shareholders a compelling opportunity.
The Company’s mission is to acquire and operate a group of businesses which will enable the Company to accumulate and maximise Bitcoin per share. The Company will operate a dual-engine strategy, through the disciplined combination of capital markets activity and strategic business acquisitions.
The Directors believe that this model of focusing strongly on the acquisition of profitable operating companies will redefine and relaunch investor appetite in the newly emerging 'Bitcoin Treasury' sector and more firmly establish both institutional and retail investor interest in listed companies that hold Bitcoin as a core treasury
asset.
A criticalprecondition
to
commencing
the
new
strategy
was
the
completion
of
a
capital
reduction
to
return
capital to the shareholders. The Directors are pleased to confirm that this capital reduction was completed during the period under review and has been duly reflected in the financial statements. The Board considers this a
foundational step,
formally
drawing a line under
the
prior
business
model
and
establishing
a
clean
balance
sheet from which the Company can execute its strategy with clarity and purpose.
Fundraisingand
Capital
Deployment
Since formallylaunching its new acquisitions and Bitcoin treasury
strategy, the Company
has raised £4,277,900 in aggregate through equity fundraisings. The Directors are encouraged by the level of investor engagement received since the relaunch and regard the capital raised to date as a meaningful validation of the proposition.
The
Board
recognises
that
the
Company
remains
at
an
early
stage
of
its
development
and
that
these
initial
steps represent the first phases of execution of its business strategy.
Outlookand
Priorities
The six months ended 31 January 2026 have been a period of significant structural progress for the Company. The completion of the capital reduction, the formalisation of the new strategy, and the initial fundraising activity represent thefoundationsupon
which
the
Board
intends
to
build. The
Company
has
also
entered
into
a
strategic partnership and welcomed leading industry
player, Blockchain.com
as
a
long
-term
investor
in
the
Company. The Company
also received widespread press attention as it welcomed Nigel Farage, also as a long-term investor.
Looking ahead, the Board’s main priority is to execute the acquisition of its first operating business, to set the dual-engine Bitcoin accumulation strategy in motion. The Board has begun its search phase and is currently reviewing and in discussions with several potential acquisition targets. M&A activity takes time to move through the various search, due diligence, legal, accounting and regulatoryphases and the Board is working diligentlyin this
regard.
Secondly,
the
Board
will
continue
to
raise
capital
through
the
capital
markets,
where
appropriate
and depending on market conditions, through additional issuances which grow Bitcoin holdings per share in an accretive manner for shareholders. Thirdly, the Board intends to build the Company’s profile within the investment community, both in the UK and internationally as a differentiated and well-governed Bitcoin treasury
vehicle.
PROFIT
AND
LOSS
ACCOUNT
FOR
THE
PERIOD
ENDED
31
JANUARY
2026
Page
4
NOTES TO THE FINANCIAL STATEMENTS FOR
THE
PERIOD
ENDED
31
JANUARY
2026
1
.
General
information
Stack BTC Plc
is
a
public
limited
company
limited
by
shares
and
incorporated
in
England.
Its
registered office is 85 Charlotte Street, London, England, W1T 4PS, United Kingdom.
The Company's shares are traded on the Aquis Stock Exchange Growth Market under ticker STAK and ISIN number GB00BSMKZ421.
The company is focused on building a portfolio of high-quality, cash-generative businesses, alongside a Bitcoin treasury. Operating businesses are intended to ensure that the company has recurring revenues, profits and positive cash flow that can enable the company's treasury to grow in a non-dilutive way, alongside capital market activities. STAK’s Bitcoin treasury strategy is a result of management’s strong
conviction in Bitcoin’s characteristics as a promising long-term store of value when accumulated appropriately and backed by real economic activity.
The interim financial statements for the six months ended 31 January 2026 are unaudited and have not been reviewed by the Company’s auditors Brindley Goldstein.
2.
Accounting
policies
2.1
Basis
of
preparation
of
financial
statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The
following
principal
accounting
policies
have
been
applied:
2.2
Foreign currency translation Functional
and
presentation
currency
The
Company's
functional
and
presentational
currency
is
GBP.
Transactions
and
balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
NOTES TO THE FINANCIAL STATEMENTS FOR
THE
PERIOD
ENDED
31
JANUARY
2026
2.
Accounting
policies
(continued)
2.3
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
2.4
Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
2.5
Intangible
assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided thatthe fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materiallyfrom that which would be determined using fair value at the end of the balance sheet date.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
2.6
Valuation
of
investments
Investments
in
subsidiaries
are
measured
at
cost
less
accumulated
impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
2.7
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measuredinitiallyat
fair
value,
net
of
transaction
costs,
and
are
measured
subsequently
at
amortised cost using the effective interest method, less any impairment.
NOTES TO THE FINANCIAL STATEMENTS FORTHEPERIOD
ENDED
31
JANUARY
2026
2.
Accounting
policies
(continued)
2.8
Cash
and
cash
equivalents
Cash
is
represented
by
cash
in
hand
and
deposits
with
financial
institutions
repayable
without
penalty on notice of
not
more
than
24
hours.
Cash
equivalents
are
highly
liquid
investments
that
mature
in
no
more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.9
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are
measured
initially
at
fair
value,
net
of
transaction
costs,
and
are
measured
subsequently
at amortised cost using the effective interest method.
3.Turnover
Ananalysisofturnoverbyclassofbusinessisasfollows:
31January
31July
2026 £
2025 £
StakingIncome
-
15,305
OptionPremium
-
14,045
InterestIncome
58,499
36,514
58,499
65,864
Analysisofturnoverbycountryofdestination:
31January
31July
2026 £
2025 £
UnitedKingdom
58,499
65,864
58,499
65,864
NOTES TO THE FINANCIAL STATEMENTS FOR
THE
PERIOD
ENDED
31
JANUARY
2026
The
average
monthly
number
of
employees,
including
the
directors,
during
the
period
was
as
follows:
31 January 2026
31 July 2025
No.
No.
Employees
-
2
6.
Directors'
remuneration
31 January 2026
31 July 2025
£
£
Directors' emoluments
27,000
54,000
27,000
54,000
NOTES TO THE FINANCIAL STATEMENTS FOR
THE
PERIOD
ENDED
31
JANUARY
2026
7.Intangibleassets
Digital Assets £
At1August2025
600,723
Disposals
(600,723)
At31January2026
-
Netbookvalue
At31January2026
-
At31July2025
600,723
8.Debtors
31January
31July
2026 £
2025 £
Prepaymentsandaccruedincome
-
19,359
-
19,359
9.Cashandcashequivalents
31January
31July
2026 £
2025 £
Cashatbankandinhand
51,079
2,921,259
51,079
2,921,259
NOTES TO THE FINANCIAL STATEMENTS FOR
THE
PERIOD
ENDED
31
JANUARY
2026
10.
Creditors:Amountsfallingduewithinoneyear
31January
31July
2026 £
2025 £
Tradecreditors
21,549
18,441
Amountsowedtogroupundertakings
-
157,201
Othertaxationandsocialsecurity
3,596
6,590
Accrualsanddeferredincome
-
14,000
25,145
196,232
11.Sharecapital
31January
31July
Allotted,calledupandfullypaid
2026 £
2025 £
20,000,000(2025-33,228,360)Sharesof£0.01each
200,000
332,284
Capitalreorganisationnote
During
the
period, the
Company completed a court-approved
capital
reduction
in accordance with the Companies Act 2006.
The reduction involved the cancellation of the entire issued share capital and share premium account.
The resulting credit of approximately £3.5 million was recognised in a capital reduction reserve.
This
reserve
was
deemed
distributable
and
was
subsequently
utilised
to
fund
a
return
of
capital
to
shareholders.
Distribution
A
distribution
of
approximately £3.5
million
was
made
to
shareholders
during
the
period,
representing substantially
all of the Company’s realised assets following the disposal of its cryptocurrency
holdings.
Share
cancellation
and
new
issue
Following
the
capital
reduction
and
distribution,
the
existing
ordinary
shares
were
cancelled.
The
Company
subsequently
issued
20,000,000
new
ordinary
shares
of
£0.01
each
for
cash
consideration of £200,000 as part of a recapitalisation of the Company.
