UK-listed Stack BTC is pursuing the acquisition of precious metals seller Direct Bullion to secure funding for additional bitcoin purchases.

On Sept. 16 local time, blockchain media outlet CoinPost reported that Stack BTC disclosed a non-binding proposal to acquire Direct Bullion for up to 12 million pounds.

The deal structure combines cash, shares and performance-linked payments. Stack BTC offered 3 million pounds in cash and shares worth about 4 million pounds to be issued at completion. The shares carry a 4-year lock-up and an issue price set at 6 pence or more per share. It also includes up to 5 million pounds in cash payments linked to performance.

The transaction is focused on securing funds to buy bitcoin rather than simple business diversification. Stack BTC plans to use cash flow generated from its business operations to expand its bitcoin holdings. The company views gold as a "physical asset" like bitcoin, and presented the acquisition as the first step in a strategy to add profitable businesses to create funding for bitcoin purchases.

Direct Bullion, the acquisition target, posted revenue of 52.1 million pounds and net profit after tax of 2.15 million pounds for the year ending January 2026. Stack BTC believes this earnings base can support its bitcoin accumulation strategy.

The company also disclosed that the transaction has a conflicted structure. Stack director Paul Withers (폴 위더스) controls the party selling Direct Bullion, making the acquisition a related-party transaction and a reverse takeover. The deal is therefore expected to be completed only after asset due diligence and the signing of a final agreement.

Stack BTC management described the plan as a structure that combines direct bitcoin purchases and business acquisitions. Executive chairman Kwasi Kwarteng (콰시 콰르텡) said it was a "two-pillar strategy" that pairs direct bitcoin buying through fundraising with cash generation through acquisitions. That means it aims to secure cash-generating businesses rather than repeatedly relying only on external fundraising to buy bitcoin.

The investment history of a political figure is also drawing renewed attention. Reform UK leader Nigel Farage (나이절 패라지) invested 215,000 pounds through asset management firm Thorn in the Side in March to secure about a 6.3 percent stake in Stack BTC. Stack BTC is known as a listed company that holds bitcoin and steadily increases its holdings.

Market interest is expected to focus on whether the acquisition closes and how much subsequent cash flow translates into bitcoin purchases. Stack BTC is still at the non-binding agreement stage, and due diligence results and final contract terms are expected to be key variables for completing the deal.