Stack BTC (STAK), the UK Bitcoin treasury company backed by Nigel Farage, has proposed acquiring precious metals dealer Direct Bullion for up to £12 million ($16 million), aiming to use operating cash flow to fund further Bitcoin purchases.
Announced on September 15, 2026, the proposal would mark Stack’s first acquisition under its strategy of buying profitable businesses to support Bitcoin accumulation, CoinDesk reported.
BitcoinTreasuries lists Stack’s latest reported holdings at 68.2 BTC, valued at about $5.2 million on September 15.
Deal Includes Cash, Shares, and Performance Payments
The non-binding deal includes £3 million in cash and approximately £4 million in shares at completion. Another £5 million would be payable in cash if performance targets are met.
New shares would be issued at a minimum price of 6 pence per share, with a four-year lock-in.
Direct Bullion generated £52.1 million in revenue and £2.15 million in profit after tax for the year ended January 31, 2026. Stack intends to use operating cash flow from acquired businesses to grow its Bitcoin holdings, reducing reliance on repeated fundraising.
Stack BTC Executive Chairman Kwasi Kwarteng 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.”
Related-Party Deal Requires Approvals
The proposed acquisition is a related-party transaction because Stake director and major shareholder Paul Withers controls Direct Bullion’s seller.
According to Stack’s regulatory announcement, Withers is not part of board discussions and decisions concerning the acquisition.
The proposal qualifies as a reverse takeover under Aquis rules. Completion depends on due diligence, definitive agreements, regulatory and corporate approvals, and readmission to trading on the Aquis Growth Market. The regulatory announcement also states there is no certainty the deal will proceed.
Nigel Farage, the Reform UK leader, invested £215,000 through his company, Thorn In The Side, for approximately 6.3% of Stack following the fundraising, which was announced on March 9.
Separately, Reform UK received £72 million in donations from Christopher Harborne and Ben Delo within 24 hours, with each contributing £36 million.
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