法拉奇支持的国库公司Stack BTC计划扩张，1600万美元洽谈Direct Bullion

Stack BTC acquires Direct Bullion for £ 12 million to build digital asset reserves

Stack BTC, a Bitcoin treasury company listed on the Aquis exchange, has entered a £ 12 million deal to acquire Direct Bullion, which mainly operates in gold. Stack BTC's shareholder list includes former UKIP leader Nigel Farage. The deal is positioned as an important step to expand the Farage-backed company's digital asset reserves.

The transaction involves a company that includes Stack BTC's chief strategy officer on its board of directors. Under the rules of the London challenger exchange, such arrangements are considered a "reverse takeover". Stack BTC described the acquisition of DB London Ltd (known as Direct Bullion) as a very different move from other Bitcoin treasury companies.

The disclosure document specifically states that instead of raising funds to purchase Bitcoin by issuing and selling shares, Stack BTC will use the profits of the acquired companies to fund its strategy, thereby increasing the bitcoin holdings per share indicator. Direct Bullion showed in its financial report for the year ended January 31, 2026 that its gold coin and gold bars business achieved audited revenue of £ 52.1 million and after-tax profit of £ 2.15 million.

Stack BTC emphasizes the dual narrative of traditional gold as an anti-inflation hedging tool and Bitcoin as "digital gold." In addition, the two companies involved in the transaction also have a co-director: Paul Withers. He is not only a director, major shareholder and chief strategy officer of Stack BTC, but also the sole director and shareholder of the company that sold Direct Bullion. In accordance with Article 4.6 of the Aquis Exchange Rule Book, such transactions are designated as connected transactions.

It is worth noting that Direct Bullion also has direct business dealings with Reform UK leader Nigel Farage himself. BusinessCloud reported that the gold dealer paid Farage about £ 270,000 for a 12-hour promotion, which Farage charged at £ 22,500 per hour. Farage has previously declared other payments of £ 91,200 and £ 135,000.

Chief Executive David Galan, Brendan Kearns and Melisa Lawton, three independent directors not believed to be involved in the transaction, agreed that the announcement provided sufficient detail for investors to assess the prospects of the expanded group.

Not all of the £ 12 million transaction consideration was in cash

此次交易标明的1200万英镑价值由现金、新股和延期支付组成。其中，300万英镑将在交易完成时从Stack BTC现有储备中以现金支付；400万英镑将以附带四年锁定期限制的新股结算；若Direct Bullion在次年1月底前达到至少250万英镑的EBITDA（息税折旧摊销前利润），则可能产生约100万英镑的盈利支付；最后，另有400万英镑将在第三至第五年根据相同的年度EBITDA条件分期支付。EBITDA指标的衡量将在扣除任何比特币购买成本之前进行。

根据Aquis的文件，此次交易中发行的新股价格不低于6便士。

由于此次收购将导致Stack BTC当前上市地位终止，交易的完成还需满足公司重新被接纳至交易所Access板块的要求，同时需完成尽职调查、签署最终文件并获得AQSE批准。文件声明，交易完成存在不确定性。

重组后市值缩水一半

Stack BTC是Kasei Investment Holdings更名后的继承实体。该公司由贾伊·帕特尔（Jai Patel）于2021年推出，随后进入自愿清算程序。重组为比特币财库载体后，吸引了前财政大臣夸西·克瓦滕（Kwasi Kwarteng）担任执行主席，法拉奇也成为早期支持者之一。据《卫报》今年3月报道，法拉奇通过其控股公司Thorn In The Side Ltd投资了21.5万英镑，获得约6.3%的股份。

Patel was removed from the board in April this year and Garland took over. According to bitcointreasuries.net tracking data, the company currently holds 68.2 bitcoins worth approximately US$5.2 million. BusinessCloud reported that its share price has halved in the past six months.

It is worth noting that Farage's promotion of Direct Bullion in Reform Party activities has attracted media attention. The BBC reported in April this year that the Liberal Democrats had asked the Financial Conduct Authority (FCA) to investigate whether Farage's promotion of another £ 2 million bitcoin purchase constituted market abuse.