JM Bullion's Strategic Move: How A-Mark Precious Metals Strengthens Its E-Commerce Empire

2025-12-31 08:59:12

The Transaction: A $4.5 Million Power Play

On October 25, 2022, A-Mark Precious Metals (NASDAQ: AMRK)—one of the integrated precious metals platforms—announced the completion of an asset acquisition that signals a major shift in the direct-to-consumer bullion market. JM Bullion, the wholly-owned subsidiary that operates A-Mark’s retail precious metals business, acquired BGASC for $4.5 million in cash. For those wondering who owns JM Bullion, the answer is A-Mark Precious Metals, which has positioned the brand as a cornerstone of its direct-to-consumer strategy.

Why This Deal Matters

BGASC brings substantial market presence to the table. The California-based online precious metals dealer operates as one of the largest coin and bullion e-commerce platforms in the United States, with a customer base exceeding 120,000 and 2021 revenues surpassing $200 million. The acquisition included BGASC’s digital infrastructure—its website, domain name, trademarks, and intellectual property—positioning JM Bullion to operate BGASC as a standalone brand rather than consolidating it into existing operations.

“This transaction reflects our strategic commitment to expanding our direct-to-consumer portfolio through targeted acquisitions,” explained JM Bullion CEO Michael Wittmeyer. “We’re excited to integrate BGASC’s established e-commerce presence while maintaining its brand identity and leveraging our operational capabilities to introduce enhanced products and flexible payment solutions.”

Operational Impact and Market Performance

The integration began showing results in Q2 of fiscal 2023. JM Bullion’s direct-to-consumer segment delivered impressive metrics during the quarter ended September 30, 2022:

Gold sales momentum: 153,000 ounces of gold sold and delivered to customers, up from 141,000 ounces in the previous quarter
Silver volume surge: 6.4 million ounces of silver sold, compared to 5.7 million ounces previously
Customer acquisition: Added 49,000 new customers, bringing active customers to 139,900 and total registered customers to over 2 million
Order value metrics: Average order value reached $2,333 per transaction

Beyond traditional precious metals sales, A-Mark’s CyberMetals platform—which enables fractional digital ownership of bullion—reported $4.6 million in customer assets under management, reflecting growing demand for alternative precious metals investment vehicles.

The Broader Strategy

For investors tracking who owns JM Bullion and its role within A-Mark’s business portfolio, this acquisition underscores the company’s three-pronged approach: wholesale distribution through sovereign and private mints, direct-to-consumer retail expansion, and secured lending backed by precious metals collateral. The BGASC deal specifically strengthens the DTC segment, which now encompasses multiple branded platforms including JMBullion.com, ProvidentMetals.com, Silver.com, and the newly integrated BGASC.com.

The transaction was facilitated by Objective Capital Partners serving as financial advisor to BGASC, while Duane Morris LLP provided legal counsel to JM Bullion, signaling the institutional rigor applied to this consolidation move in the competitive precious metals marketplace.

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