Nigel Farage-backed Stack BTC eyes $16 million direct bullion deal

Stack BTC (STAK), the U.K. bitcoin 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.

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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.”