K Wave Media Raises $1 Billion for Bitcoin Treasury Purchases

K Wave Media Raises $1 Billion for Bitcoin Treasury Purchases

Nasdaq-listed K Wave Media secures $1 billion through convertible notes and equity deals to fund its Bitcoin treasury strategy.

Nasdaq-listed K Wave Media Inc. announced July 10, 2025, that it secured $1 billion in financing for Bitcoin acquisitions through two separate agreements. K Wave Media shares dropped ~16% to $4.60 on the announcement day.

The company completed a $500 million convertible note deal with Anson Funds and has a $500 million standby equity purchase agreement with Bitcoin Strategic Reserve. K Wave Media currently holds 88 BTC.

The first tranche will raise $15 million through senior secured convertible notes and warrants. The company will use at least 80% of net proceeds to buy Bitcoin. The conversion price is set at $4.40 per share.

The convertible notes mature on July 3, 2027, and carry a 12% annual interest rate, which becomes payable only upon default. The deal includes warrants exercisable immediately at $3.66 per share, valid for five years.

Anson Funds, established in 2003 with offices in Toronto and Dallas, calls itself “an active institutional investor in the Bitcoin ecosystem.” The firm manages alternative assets and structured the convertible note portion of the financing.

“We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world,” said Ted Kim, CEO of K Wave Media. “Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible.”

At least 20 public companies currently hold more than $5 million in Bitcoin on their balance sheets, according to industry data. MicroStrategy began the corporate Bitcoin treasury trend with its purchases starting in 2020.

K Wave Media operates as a digital media and entertainment company. The financing agreements give the company access to capital for Bitcoin purchases over the next two years while maintaining operational flexibility through the standby equity structure.

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