Functional Brands enters $142.9M all-stock agreement to acquire Alchemy platform

Functional Brands (NASDAQ:MEHA) announced it has signed a definitive agreement to acquire the Alchemy gold-backed blockchain settlement and decentralized finance (DeFi) platform from BullionFX.

The all-stock transaction is valued at approximately $142.9 million.

The definitive contract has received unanimous approval from the boards of directors of both corporations, formalizing the framework established under a binding letter of intent (LOI) executed on May 11, 2026.

Under the terms of the agreement, Functional Brands will acquire the full suite of assets and intellectual property associated with the Alchemy ecosystem.

The platform is engineered around auditable physical gold reserves, functioning as a decentralized infrastructure designed to support gold- and USD-backed stablecoins, secure on-chain payments, and offer lending and yield-generating services.

Management noted that the product architecture targets retail, institutional, and broader web3 markets with the aim of delivering above-market yield on traditional fiat and physical gold allocations.

Completion of the asset transfer remains subject to final closing procedures, including comprehensive due diligence evaluations, customary regulatory reviews, independent asset valuations, and shareholder approvals.

Management is currently targeting full activation of the digital settlement platform around the third quarter of 2026.