Reform UK leader Nigel Farage’s crypto interests expanded this month as Stack BTC, the bitcoin treasury company in which he holds a 5.6% stake, announced plans to acquire gold dealer Direct Bullion for £12 million. Stack is chaired by former UK chancellor Kwasi Kwarteng, who celebrated the deal as execution of a “twin pillar strategy” — raising capital to buy bitcoin directly and purchasing businesses that generate fiat to fund further bitcoin purchases. Direct Bullion, founded by Paul Withers (who owns 23% of Stack and is a friend of Farage), paid Farage £405,000 over the past year for 24 hours of promotional work.

The gold dealer reported £52 million turnover and a $2.15 million post‑tax profit last year, while Stack’s market cap sits at just £5.2 million and it lost money in the six months to January. The acquisition will be a reverse takeover and related‑party transaction: £3 million cash from Stack’s balance sheet (which has raised £4.27 million this year), £4 million in Stack shares, and a £5 million earnout tied to Direct Bullion hitting £2.5 million annual profit. CEO David Galan said this is “deal number one” and the firm aims to buy more precious‑metals dealers and custody services.

Bitcoin treasury companies have struggled recently, with billions wiped off valuations and even Michael Saylor’s Strategy forced to sell bitcoin. Stack shares have fallen 64% since Farage’s March investment.