Stack BTC (STAK), the British bitcoin treasury firm supported by Nigel Farage, has offered to buy precious metals merchant Direct Bullion for a maximum of 12 million pounds ($16 million), intending to leverage operational cash flow to expand its bitcoin holdings.
The conditional agreement encompasses 3 million pounds in cash, roughly 4 million pounds in completed shares, and 5 million pounds tied to performance-based cash disbursements. Shares would be distributed at a baseline of 6 pence, featuring a four-year lock-up period.
This proposed purchase represents a related-party transaction due to Stack board member Paul Withers maintaining authority over the seller of Direct Bullion, while also qualifying as a reverse takeover dependent on thorough due diligence and definitive contracts.
During the fiscal year ending January 2026, Direct Bullion posted 52.1 million pounds in revenue alongside 2.15 million pounds in net profit after tax. This buyout would constitute the initial transaction for Stack under its overarching plan to acquire profitable companies to generate funds for bitcoin acquisitions.
Kwasi Kwarteng, executive chairman at Stack BTC, stated to 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.”
The investment from Farage became public on March 9, with the Reform UK political leader putting 215,000 pounds into the venture via his enterprise, Thorn In The Side, acquiring approximately a 6.3% stake in Stack following the capital raise.
This development follows Reform collecting around $97 million from digital asset billionaires Christopher Harborne and Ben Delo across a 24-hour period, with each individual contributing $48.5 million.
Presently, Stack BTC maintains approximately 68 BTC valued at $5.2 million, with company shares dropping 1% following the disclosure.
Originally published at https://www.coindesk.com/business/2026/09/15/nigel-farage-backed-stack-btc-eyes-usd16-million-gold-dealer-deal-to-fund-bitcoin-buy.
