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K Wave Media plans to issue up to $500 million in common stock to support its Bitcoin strategic reserve, aiming to become the "Korean version of Metaplanet."
On June 4, businessInsider reported that K Wave Media Inc. (NASDAQ: KWM), NASDAQ's first Korean media alliance, today announced that it has entered into a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, through which the company will offer up to $500 million of common stock. Proceeds from the financing will be used to support the company's Bitcoin-centric digital asset reserve strategy, working capital, and M&A activities, as well as further expand its content production and K-POP-related businesses. Under the strategic framework, K Wave will use the majority of the proceeds for long-term holding and yield optimization of Bitcoin (BTC) subject to certain restrictions – making it one of the first publicly traded media companies in the world to integrate BTC directly into core fund management. In addition, the company plans to operate Bitcoin Lightning Network nodes and invest in Bitcoin-native infrastructure to enhance decentralized properties and earn rewards for on-chain transactions. Officially, K Wave aims to become the "Korean version of Metaplanet" - following the example of Japan's Metaplanet, which will become the world's best-performing stock after adopting a bitcoin reserve strategy in 2024 and continue to lead the way in 2025. K Wave believes that this innovative model of combining public market funding with Bitcoin reserves will resonate with investors in Asia and around the world.