Kasei to return capital to shareholders, rebrand as bitcoin-focused vehicle

LONDON - Kasei Digital Assets Plc (AQSE:KASEI) announced plans to return approximately £3.5 million to existing shareholders and transform into a bitcoin-focused investment vehicle under a new name, Stack Bitcoin Treasury plc.

The company will implement the capital return through a court-approved capital reduction involving the cancellation of all existing ordinary shares, which will be reclassified as B shares, according to a notice of general meeting published Friday.

As part of the restructuring, Kasei has arranged a £200,000 subscription from new investors at 1p per share, which will provide £100,000 as a premium to existing shareholders receiving the capital return, with the remainder serving as working capital.

Following the capital reorganization, former UK Chancellor Kwasi Kwarteng will join as executive chairman, while Paul Withers will be appointed as a non-executive director. Existing directors Jai Patel and Brendan Kearns will remain on the board, with Patel transitioning from chief investment officer to CEO. Current directors Bryan Coyne, Steven Davis, and Jane Thomason will resign.

The restructuring comes after Kasei, which was admitted to AQSE in November 2021 as a digital asset investment company, failed to deliver on its original strategy due to "adverse market conditions, volatility in digital asset valuations and an inability to raise further capital," the company stated in the announcement.

Under its modified investing policy, the company will focus primarily on direct bitcoin investment, aiming to provide regulated exposure to the cryptocurrency. The company may also consider acquiring cash-flow positive businesses aligned with its core operations.

Shareholders will vote on the proposals at a general meeting scheduled for December 9. The company expects the capital return to be completed by January 21, 2026, subject to court approval.

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