Stack BTC, the UK Bitcoin treasury company backed by Nigel Farage, has proposed acquiring precious metals dealer Direct Bullion for up to £12 million ($16 million). The company plans to use operating cash flow from the business to support further Bitcoin purchases. The proposed deal includes £3 million in cash, around £4 million in Stack shares at completion and another £5 million in performance-linked cash payments. If completed, the acquisition would be Stack BTC’s first purchase under a strategy of buying profitable businesses and using their earnings to help finance Bitcoin accumulation.
The proposed transaction is currently non-binding and remains subject to due diligence and the signing of definitive agreements. It is also classified as a related-party transaction because Stack director Paul Withers controls the seller of Direct Bullion. The deal therefore constitutes a reverse takeover.
Direct Bullion brings an established business to the proposed transaction. The precious metals dealer generated £52.1 million in revenue and £2.15 million in profit after tax in the year ended January 2026.
Stack BTC Executive Chairman Kwasi Kwarteng described the proposed acquisition as part of a two-part strategy. The company intends to continue buying Bitcoin through capital raised from investors while also acquiring businesses that can generate fiat cash flow to fund additional Bitcoin purchases.
Source: aquis.eu
The approach reflects a growing interest among some companies in building Bitcoin treasury strategies through business operations rather than relying entirely on new capital. By acquiring a profitable company, Stack would gain an existing source of revenue that could potentially be directed towards its digital-asset strategy.
Farage became an investor in Stack BTC in March. His investment was made through his company, Thorn In The Side, which invested £215,000 and received approximately 6.3% of Stack following the fundraising.
The investment came shortly after Reform UK received around $97 million from crypto billionaires Christopher Harborne and Ben Delo. Each reportedly contributed $48.5 million.
The proposed Direct Bullion acquisition is therefore another development in Stack BTC’s effort to build its Bitcoin treasury. However, the transaction has not yet been completed, and the final terms could change following due diligence and negotiations.
For now, the company is positioning the deal as part of a broader model: owning profitable businesses that generate cash while continuing to build exposure to Bitcoin.
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