Stack BTC seeks $16M gold dealer acquisition to fund Bitcoin purchases

Stack BTC, a publicly listed company whose entire reason for existing is accumulating Bitcoin, wants to buy a gold dealer for up to £12 million (roughly $16 million). The plan: use the gold business’s cash flow to buy more Bitcoin. The lemonade stand does £52.1 million in annual revenue. The target is Direct Bullion, a London-based precious metals dealer that posted £2.15 million in post-tax profit for the fiscal year ending January 31, 2026. Stack BTC announced the proposed acquisition on September 15, positioning it as the centerpiece of what the company calls its “dual-engine” business model. How the deal breaks down The acquisition structure has three layers. First, £3 million in cash drawn from Stack’s existing reserves. Second, approximately £4 million in newly issued shares, priced at a minimum of 6p each and locked up for four years. Third, an earn-out component worth up to £5 million, contingent on Direct Bullion hitting specific EBITDA targets. That earn-out is doing a lot of heavy lifting. Nearly 42% of the deal’s maximum value depends on performance benchmarks being met, which gives Stack some downside protection if the gold dealer’s numbers soften after the acquisition...