Key Takeaways
Functional Brands (NASDAQ: MEHA) will acquire the gold-backed decentralized finance platform Alchemy from BullionFX in an all-stock transaction valued at approximately $142.9 million, with a definitive agreement signed on May 22, 2026.
"Gold is having a generational moment, and we expect the acquisition of the Alchemy technology suite will give us the infrastructure to be at the center of it," said Eric Gripentrog, CEO of Functional Brands. "A full-stack, gold-backed DeFi platform that no publicly listed company currently owns."
The agreement, which follows a binding letter of intent from May 11, gives Functional Brands control of Alchemy's full suite of assets. This includes a Layer 2 platform built on Ethereum designed for gold- and USD-backed stablecoins, on-chain payments, and yield-generation services. The deal has been unanimously approved by the boards of both companies.
Management is targeting a full platform launch in the third quarter of 2026. The move aims to disrupt a market where existing tokenized-gold products offer price exposure but typically near-zero yield, positioning the company to capture interest from retail, institutional, and web3 clients seeking returns on gold holdings.
The acquisition is structured as an all-stock asset purchase, making Functional Brands a publicly listed consolidation vehicle in the tokenized real-world-asset sector. Management believes its Nasdaq-listed stock provides a recognized currency for acquiring complementary technologies as the segment matures.
"We are excited to bring the Alchemy ecosystem to Retail, Institutional, and Blockchain markets," said Stephen Moss, Founder of BullionFX and Alchemy. "We are quickly moving into an era where bridged traditional and decentralized financial products, along with user self-custody, trustless systems, and stability are set to revolutionize the financial industry."
Alchemy's platform is designed to address shortcomings in the existing tokenized gold market by providing an integrated ecosystem for yield generation. The platform's technology is engineered to generate above-market returns on both USD and physical gold, a significant departure from traditional gold ETFs that offer price exposure with little to no yield.
The company plans to target three primary markets:
Completion of the asset transfer remains subject to final due diligence, regulatory reviews, independent asset valuations, and shareholder approvals.
This article is for informational purposes only and does not constitute investment advice.
