K Wave Media Inc. (NASDAQ:KWM) saw its stock price jump up to 60% following the announcement of a convertible note deal with Anson Funds that will provide up to $500 million in financing, dedicating at least 80% of the net proceeds toward Bitcoin acquisitions.
The agreement includes an initial tranche of $15 million in senior secured convertible notes and warrants issued to Anson Investments Master Fund, LP, and Anson East Master Fund LP. Alongside a previously revealed $500 million Standby Equity Purchase Agreement with Bitcoin Strategic Reserve, this deal boosts K Wave Media’s total capital for its Bitcoin treasury initiative to $1 billion.
K Wave Media, which markets itself as the first Nasdaq-listed company to blend Korean cultural content with a Bitcoin treasury strategy, has already purchased 88 Bitcoin as part of its plan. The company said it aims to expand its Bitcoin holdings to 10,000 “as soon as possible.”
Ted Kim, CEO of K Wave Media, stated, “We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world. Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible while maintaining strong investor alignment and full transparency in treasury reporting.”
The firm plans to integrate its Bitcoin approach with its Korean content business, seeking ways for global audiences to engage with its high-quality movies and dramas through Bitcoin.
D. Boral Capital LLC (USOTC:BOALY) acted as the exclusive placement agent for the transaction.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.