365Crypto
South Korea’s K Wave Media now has $1 billion ready for Bitcoin. The Nasdaq-listed firm just locked in another $500 million from Anson Funds. That’s on top of the $500 million it had already secured.
$1 Billion to Go All-In on BTC
The media giant is putting its money where its mouth is. It’s using a “convertible note” deal to access the cash. At least 80% of it will go straight into buying Bitcoin.
Earlier this year, K Wave signed a $500 million standby equity deal with Bitcoin Strategy Reserve. The goal? Load up on BTC—just like Japan’s Metaplanet.
Inspired by Metaplanet’s Success
Metaplanet went all-in on Bitcoin and saw its stock soar. It beat earnings forecasts and raked in 42% more BTC income in Q2. K Wave wants that same magic.
CEO Ted Kim says they aim to buy up to 10,000 BTC “aggressively and transparently.” They’ve already scooped up 88 BTC to kick things off.
K-Drama Meets Bitcoin
K Wave’s existing entertainment business might even benefit. Kim hinted fans could someday stream, interact, or invest using BTC.
Investors seem excited too. The company’s stock jumped over 6% in one day. It’s up 41% in a month, now trading around $5.
Footnote: A “convertible note” is a loan that can turn into company stock. BTC = Bitcoin.
