Lake Oswego, Oregon--(Newsfile Corp. - June 5, 2026) - Functional Brands Inc. (NASDAQ: MEHA) ("MEHA" or the "Company") today announced advanced discussions with multiple strategic financial parties regarding the potential commercialization of the Alchemy platform's blockchain-based assets (the "BFX Assets"), a real-world asset tokenization infrastructure designed to support on-chain verification and auditability of physical gold holdings.
Why Now: A Convergence of Market Forces
Functional Brands Inc. believes the timing for this strategic initiative is compelling given the opportunity to utilize this IP to develop fused products which generate yield in industries where yield is not currently generated. The launch of a gold-backed exchange listed fund generating yield would compete with a market currently not generating yield.
Several macro and structural forces are converging to create a generational opportunity in gold-backed digital assets: (i) gold has reasserted itself as a premier store of value amid sustained macroeconomic uncertainty and persistent inflation, with spot prices reaching levels that, as publicly reported, have approached or exceeded historical highs; (ii) based on publicly available information, institutional demand for tokenized real-world assets has accelerated materially, with a growing number of major financial institutions publicly committing to blockchain-based settlement infrastructure; (iii) the regulatory environment for digital assets is crystallizing, with both the SEC and CFTC moving toward clearer frameworks that favor compliant, asset-backed instruments over purely speculative tokens; and (iv) the DeFi lending and cross-border settlement markets remain significantly underserved by gold-native liquidity products.
Alchemy is purpose-built to meet this moment. Its on-chain reserve verification model is designed to address this gap directly - giving individuals and institutions the ability to hold, transfer, and use gold-backed digital tokens with full transparency and fast settlement. Subject to applicable regulatory approvals, Functional Brands Inc. aims to be one of the first publicly listed U.S. companies to offer this kind of regulated, gold-backed digital asset infrastructure. In the short term, the focus is on launching the platform and growing its user base. Over the next one to two years, Alchemy aims to become a broader financial infrastructure layer, where its gold-backed assets could be used as collateral for loans, for cross-border payments, and as an alternative to traditional gold investment - all within the growing world of decentralized finance
Executive Commentary
"The fusion of TradFi and DeFi will lead to a new generation of financial products that traditional financial market participants will struggle to compete with. We are excited to be market leaders in fused financial products and excited to announce further details as they develop."
- Stephen Moss, Founder, Bullion FX | Alchemy
"The interest we have received from multiple potential strategic financial partners reflects the strength of this opportunity and supports our emerging growth engine. We believe gold-backed digital assets represent one of the most significant financial infrastructure opportunities of this decade, and MEHA is moving decisively to capture it. We are constructing something new: a publicly traded, U.S.-listed company that brings the permanence of gold into the speed and transparency of blockchain finance, with the full compliance architecture investors deserve."
- Eric Gripentrog, Chief Executive Officer, Functional Brands Inc.
Transaction Update and Key Talent
MEHA executed an asset acquisition agreement with BullionFX on May 22, 2026 to acquire the assets of BullionFX, including its core product Alchemy, for approximately $142.9 million in share-based consideration. MEHA and Alchemy plan to amend the agreement to formalize a structure under which key staff and advisors will be provided at no additional cost to MEHA.
Key individuals expected to join MEHA include:
| Name | Role | Selected Credentials |
| Stephen Moss | Founder, BullionFX | Alchemy | Former Chairman of Blockchain Australia; co-founder of BDO Blockchain; co-developer of the world's first institutional audit for asset-backed tokens; UN Delegate; Founding Director of Moss Capital (ASX: ENN) |
| Simon Rahme | Co-Founder, BullionFX | Alchemy | Co-founder of Eclipse Fi and Loop Finance; raised $40M+ across ventures; co-founded projects with $2B+ FDV; led DeFi growth to $1.7B+ daily volume |
| Jonathan Teo | Founding Advisor, BullionFX | Alchemy | Former Managing Director, General Catalyst; former Principal, Benchmark Capital (early investor in Instagram and Twitter); early investor in Snapchat; Forbes Midas List (2016); co-founder of Binary Capital ($300M+ AUM) |
| David Atkinson | Chief Business Officer, BullionFX | Alchemy | Co-founder of Holochain ($5B+ peak FDV); Rain Protocol co-creator; veteran blockchain ecosystem architect and tokenomics designer |
| Blair Jordan | Director, BullionFX | Alchemy | Nearly 10 years at Credit Suisse across Leveraged Finance/Restructuring, Principal Investing, and Special Situations; former CEO of ETHZilla Corp |
About Functional Brands Inc.
Functional Brands Inc. (NASDAQ: MEHA) is a leading innovator in wellness and performance products dedicated to Making Everyone Healthy Again. The Company's portfolio includes Kirkman, one of the most trusted names in nutritional supplements for over 75 years with products available in more than 35 countries; P2i by Kirkman Prenatal Multivitamin & Multimineral, the first prenatal supplement to align with FIGO standards and comply with California SB 646; and Tru2u.health, a consumer-facing telehealth and wellness platform. Functional Brands operates an FDA-registered, cGMP-compliant manufacturing facility in Oregon. For more information, visit www.functionalbrandsinc.com and www.kirkmangroup.com, and www.Tru2u.health.
Investor Relations Contact:
FunctionalBrands@icrinc.com
Cautionary Note Regarding Forward-Looking Statements
This news release and statements of Functional Brands' management in connection with this news release or related events contain or may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the closing, and the anticipated benefits to the Company, of the private placement described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "potential," "will," "should," "could," "would," "optimistic" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors which may be beyond our control.
Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the ability of the parties to negotiate final terms of a definitive acquisition agreement, the closing of the contemplated asset purchase agreement, including expected conditions to closing which are anticipated to include regulatory approvals, valuations, and future shareholder approvals; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the Company or BullionFX (collectively, the "Parties") to terminate the asset purchase agreement; the effect of such termination; the outcome of any legal proceedings that may be instituted against Parties or their respective directors or officers; the ability to obtain regulatory and other approvals and meet other closing conditions for the asset acquisition on a timely basis or at all, including the risk that any regulatory and other approvals required may not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or that could adversely affect the combined company or the expected benefits of the transaction; difficulties and delays in integrating BullionFX's assets in the Company; prevailing economic, market, regulatory or business conditions, or changes in such conditions, negatively affecting the parties; potential adverse reactions or changes to business relationships resulting from the announcement of the expected acquisition; uncertainty as to the long-term value of the common stock of the Company following the acquisition; the significant dilution to the Company's stockholder in connection with the acquisition; the continued availability of capital and financing following the potential acquisition transaction; the business, economic and political conditions in the markets in which the Parties operate; and the fact that the Company's reported earnings and financial position may be adversely affected by tax and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Potential investors should review Functional Brands' Annual Report on Form 10-K filed with the SEC on March 27, 2026 for more complete information, including the risk factors that may affect future results, which are available for review at www.sec.gov. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300376
Source: Functional Brands Inc.
