Stack BTC (STAK), the U.K. bitcoin BTC$77,694.47 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.
Kwasi Kwarteng, executive chairman of Stack BTC, told CoinDesk, "Buying bitcoin directly from capital raising and also buying businesses to generate fiat to buy bitcoin: This is the twin pillar strategy in action.”
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.UPDATE (Sept. 15, 10:19 UTC): Updated fifth paragraph to include Kwasi Kwarteng quote
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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