Nigel Farage-backed Stack BTC plans to acquire a gold dealer for $16 million to fund bitcoin buy
The proposed acquisition would use cash flow from precious metals sales to build bitcoin holdings.
Stack BTC (STAK), the U.K. bitcoin BTC$76,440.03 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.
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.
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.”