TREE NEWS update: UK bitcoin treasury company Stack BTC has signed non-binding terms to acquire London precious-metals dealer DB London Ltd, which trades as Direct Bullion, for up to £12 million. The consideration comprises £3 million cash at completion, roughly £4 million in new shares and about £5 million in earn-out payments, with shares priced at no less than 6 pence each and subject to a four-year lock-up. Direct Bullion reported audited revenue of £52.1 million and £2.15 million after-tax profit for the year to 31 January 2026, with three-year revenue growth of 288%.
Stack BTC to Acquire Direct Bullion for Up to £12M
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AI take
The deal structure is the tell: a majority of the £12m headline is deferred or paid in locked-up stock, so Stack BTC is buying a revenue-generating bullion dealer without committing the full cash upfront. That pairing of a bitcoin treasury vehicle with a physical precious-metals dealer speaks to a convergence bet on hard assets rather than a pure bitcoin proxy. The open question is whether the earn-out targets prove achievable and whether the four-year lock-up keeps the seller's interests aligned through integration.
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