Catenaa, Friday, July 18, 2025 – K Wave Media Inc., a Nasdaq-listed K-Pop media conglomerate, has finalized a $500 million convertible note agreement with Anson Funds, doubling down on its ambitious Bitcoin treasury strategy and bringing its total financing to $1 billion.
The latest funding round follows an earlier $500 million standby equity purchase agreement with Bitcoin Strategic Reserve. In a statement Thursday, K Wave said it intends to use at least 80% of the proceeds from the first tranche, $15 million in senior secured convertible notes and warrants, to expand its bitcoin holdings. The company has already acquired 88 BTC.
Shares of KWM fell 16% to $4.60 on Thursday, even as the company emphasized its aggressive approach to crypto accumulation. CEO Ted Kim said the funding structure is designed to scale K Wave’s Bitcoin portfolio toward a target of 10,000 coins, citing a commitment to transparency and investor alignment.
The agreement allows up to $500 million in convertible notes and warrants to be issued, with conversion pricing at $4.40 per share. The five-year warrants are exercisable at roughly $3.66 per share. The notes mature on July 3, 2027, and carry 12% interest payable only upon default.
K Wave is the latest in a growing list of public firms following a Bitcoin-focused corporate treasury model, pioneered by Strategy. According to The Block, over 20 companies worldwide hold at least $5 million in Bitcoin on their balance sheets.
Anson Funds, based in Toronto and Dallas, has positioned itself as a prominent institutional investor in the digital asset ecosystem.
