Stack BTC to Acquire Direct Bullion in £12 Million Reverse Takeover

The UK-based Bitcoin treasury specialist Stack BTC has announced plans to acquire Direct Bullion, a prominent London-based precious metals dealer, in a deal valued at up to £12 million. According to a filing on the Aquis Exchange dated September 15, 2026, the two entities have signed non-binding terms for the acquisition of DB London Ltd. This move signals a significant consolidation between the traditional precious metals market and the growing digital asset treasury sector, aiming to bridge the gap between "digital gold" and physical bullion.

Financial Structure and Acquisition Terms

The proposed transaction involves a multi-tiered payment structure designed to align the interests of both companies over the long term. The £12 million consideration is divided into three primary components:

• An initial £3 million cash payment to be delivered upon completion of the deal.
• Approximately £4 million in new shares of Stack BTC, issued at a price of no less than 6 pence per share.
• A contingent performance-based consideration of approximately £5 million.

Notably, the shares issued as part of the deal will be subject to a four-year lock-up period, ensuring a sustained commitment from the incoming leadership. As the transaction constitutes a reverse takeover and a related party transaction under the Aquis Growth Market rules, it remains subject to rigorous due diligence and regulatory approvals.

Direct Bullion’s Growth and Market Position

Direct Bullion enters this merger following a period of rapid expansion. For the fiscal year ending January 31, 2026, the company reported audited revenue of £52.1 million and a profit after tax of £2.15 million. This financial performance reflects a three-year revenue growth rate of 288%, highlighting the increasing demand for tangible assets amid global economic shifts.

The integration of a high-turnover precious metals dealer allows Stack BTC to diversify its Bitcoin-centric treasury strategy with traditional commodities. Industry analysts suggest that combining BTC holdings with physical gold reserves could provide a more robust hedging mechanism for institutional investors seeking exposure to "hard money" assets.

Conclusion

The acquisition of Direct Bullion by Stack BTC represents a strategic pivot toward a hybrid financial model where blockchain technology and physical commodities coexist. By leveraging Direct Bullion’s substantial revenue stream and market presence, Stack BTC positions itself as a diversified leader in the alternative asset space. While the deal is still pending final signatures and regulatory clearance, it underscores a growing trend of crypto-native firms seeking stability and scale through the acquisition of established traditional finance players.