Publicly traded company Stack BTC announced plans to acquire London-based precious metals dealer Direct Bullion for up to £12 million, equivalent to approximately $16 million. The company intends to utilize the cash flow from the gold business to increase its Bitcoin holdings.
Direct Bullion reported annual revenue of £52.1 million and a post-tax profit of £2.15 million for the fiscal year ending January 31, 2026. Stack BTC, which held 68.19 BTC as of April 2026, aims to integrate this business into its dual-engine model.
The acquisition structure consists of three parts: £3 million in cash from existing reserves, £4 million in newly issued shares priced at a minimum of 6p with a four-year lockup, and an earn-out component of up to £5 million linked to EBITDA targets.
Nearly 42% of the deal's maximum value is tied to performance benchmarks. The transaction is classified as a related-party reverse takeover because Stack director Paul Withers controls Direct Bullion, necessitating additional regulatory approvals.
Nigel Farage, who invested in March 2026, currently holds approximately 6.3% of Stack BTC. The company views this acquisition as a strategy to generate organic cash flow for Bitcoin accumulation, distinct from traditional equity or debt funding.
