Korean Entertainment Firm K-Wave Media Accelerates ‘Bitcoin Accumulation’... Secures $1 Billion

JOON HYOUNG LEE

Summary

K-Wave Media announced it has secured funds totaling $1 billion to purchase Bitcoin.
The company stated that at least 80% of net proceeds must be used to buy Bitcoin, and it recently completed the purchase of 88 Bitcoins.
K-Wave Media emphasized that the K-content business will benefit from its Bitcoin treasury strategy.

K-Wave Media, a South Korean entertainment company, has secured funds totaling $1 billion (approximately ₩1.4 trillion) to purchase Bitcoin (BTC).

K-Wave Media announced on the 10th (local time) that it had signed a $500 million convertible bond (CB) agreement with U.S. activist investor Anson Funds. Under this agreement, K-Wave is required to use at least 80% of its net proceeds to purchase Bitcoin. Previously, in June of this year, K-Wave Media stated that it would adopt a Bitcoin treasury strategy, positioning itself as a ‘Korean version of MicroStrategy’.

K-Wave Media also recently pushed forward a $500 million paid-in capital increase via common stock to fund the purchase of Bitcoin. This brings the total new capital raised for its Bitcoin strategy to $1 billion.

On the same day, K-Wave Media announced it had completed the purchase of 88 Bitcoins. Kim Sang-hwan, CEO of K-Wave Media, said, “Our goal is to rapidly increase our Bitcoin holdings to 10,000 units,” adding, “The existing K-content business will benefit from our Bitcoin-based financial strategy.”

Meanwhile, K-Wave Media was listed on the U.S. NASDAQ this past May.

BTC