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Stack $BTC (STAK), the U.K. bitcoin $BTC$76,878.05 treasury company backed by Nigel Farage, has proposed acquiring precious metals dealer Direct Bullion for up to 12 million pounds ($16 million), using operating cash flow to support bitcoin accumulation.
The non-binding deal includes 3 million pounds in cash, approximately 4 million pounds in shares at completion and 5 million pounds in performance-linked cash payments. Shares would be issued at a minimum of 6 pence, with a four-year lock-in.
The proposed acquisition, a related-party transaction owing to Stack director Paul Withers’ control of Direct Bullion’s seller, constitutes a reverse takeover and is subject to due diligence and definitive agreements.
Direct Bullion generated 52.1 million pounds in revenue and 2.15 million pounds in profit after tax in the year ended January 2026. The acquisition would mark Stack’s first purchase under its strategy of acquiring profitable businesses to finance bitcoin purchases.
Farage’s investment was announced on March 9, with the Reform UK leader investing 215,000 pounds through his company, Thorn In The Side, for approximately 6.3% of Stack following the fundraising.
The announcement follows Reform receiving approximately $97 million from crypto billionaires Christopher Harborne and Ben Delo within 24 hours. Each contributed $48.5 million.
Stack $BTC holds roughly 68 $BTC ($5.2 million), with its shares 1% lower on the day following the announcement.
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