K-Pop media company K Wave announces Bitcoin strategy, stock price surges 130%

NASDAQ-listed K-pop media company K Wave Media (KWM) announced that it will adopt a Bitcoin acquisition strategy and plans to sell up to $500 million in common stock to purchase BTC, mergers, and other corporate operations. Following the announcement, KWM's stock price rose over 132% on the same day.

K Wave stated that, under certain limitations, most of the proceeds from the sale of stock will be used for 'buying, holding long-term, and optimizing returns' on Bitcoin. The company claims to be one of the first publicly listed media companies to incorporate Bitcoin into its core financial operations.

This strategy is partially inspired by Bitcoin reserve pioneers such as the Japanese listed company Metaplanet and MicroStrategy (Michael Saylor). K Wave executives believe that the combination of public market financing and a focus on Bitcoin strategy will be welcomed by investors in Asia and globally.

K Wave Media was established in 2023, headquartered in the Cayman Islands, primarily engaged in K-pop content production and related product development. Interim co-CEO Ted Kim stated, 'By integrating BTC into our core strategy, we reinforce our commitment to decentralization, flexibility, and future-oriented value creation.'

According to The Block data, there are currently at least 20 companies worldwide that have incorporated Bitcoin into their balance sheets, with total holdings of no less than $5 million. $BTC