UK-listed bitcoin treasury company Stack BTC (STAK) has proposed a non-binding acquisition of precious metals dealer Direct Bullion in a deal valued at up to £12 million, or about $16 million. The company said it plans to use operating cash flow generated from precious metals sales to support further bitcoin accumulation.
The proposed consideration includes £3 million in cash, roughly £4 million in shares, and £5 million in performance-linked cash payments. The shares would be issued at no less than 6 pence and would be subject to a four-year lock-up. Because Direct Bullion’s seller is controlled by Stack director Paul Withers, the transaction is classified as a related-party deal and also counts as a reverse takeover. It still requires due diligence and a final agreement.
Direct Bullion reported £52.1 million in revenue and £2.15 million in profit after tax for the financial year ending January 2026. Stack said the acquisition would mark the first deal under its strategy of buying profitable businesses to fund bitcoin purchases. The company currently holds about 68 BTC, worth around $5.2 million. Stack shares fell 1% on the day the news was announced.
UK bitcoin treasury company Stack BTC (STAK) has proposed acquiring precious metals dealer Direct Bullion for up to £12 million, or about $16 million, and said it plans to use operating cash flow from precious metals sales to support bitcoin accumulation.
The non-binding proposal includes £3 million in cash, around £4 million in shares, and £5 million in cash payments tied to performance. The shares would be issued at no less than 6 pence and carry a four-year lock-up period.
Because the seller of Direct Bullion is controlled by Stack director Paul Withers, the deal is treated as a related-party transaction. It also qualifies as a reverse takeover. The proposed acquisition remains subject to due diligence and the signing of a definitive agreement.
For the financial year ending in January 2026, Direct Bullion reported revenue of £52.1 million and profit after tax of £2.15 million.
If completed, the acquisition would be Stack’s first transaction under its strategy of acquiring profitable businesses to fund bitcoin purchases. Stack BTC currently holds about 68 BTC, worth roughly $5.2 million. Its shares fell 1% on the day the announcement was released.
Separately, Nigel Farage invested £215,000 in Stack through his company Thorn In The Side on March 9, giving him a stake of about 6.3%.
Earlier, Reform UK received donations of $48.5 million each from crypto billionaires Christopher Harborne and Ben Delo within 24 hours, for a combined total of about $97 million, setting a record for political donations in the UK.
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