Nasdaq-listed K Wave Media has exited its Bitcoin treasury position after liquidating 88 BTC and using the proceeds to repay $6 million of its Initial Notes.
The June 30 Form F-3 ties the sale to an April 29 amendment to the company’s securities purchase agreement with Anson Funds. Under that amendment, K Wave liquidated the 88 Bitcoin held in its treasury, repaid part of the Initial Notes and gained permission to use future SPA securities-sale proceeds for AI infrastructure assets.
BitcoinTreasuries now lists K Wave Media as a former Bitcoin holder, with 0 BTC as of July 1. The tracker’s update marks the end of a short-lived public-company Bitcoin treasury experiment that began less than a year ago.
K Wave’s shares recently traded near $0.147 on Nasdaq, while Bitcoin traded near $61,050. The company’s 88 BTC position would be worth about $5.37 million at that BTC level, close to the $6 million debt-repayment figure disclosed in the filing.
From 10,000 BTC Ambition To Zero
The exit reverses the company’s earlier plan to build a much larger Bitcoin reserve. In July 2025, K Wave announced $1 billion in total capital capacity for its Bitcoin treasury initiative, including a $500 million convertible note agreement with Anson Funds and a $500 million standby equity purchase agreement with Bitcoin Strategic Reserve.
That announcement also confirmed the initial 88 BTC acquisition and said the company intended to scale its Bitcoin holdings aggressively. The target later cited around the market was 10,000 BTC, which would have placed the small media company among the more visible public Bitcoin treasury names.
The reversal comes as other corporate Bitcoin holders continue to move in the opposite direction. Strategy recently added to its already massive Bitcoin treasury, reinforcing its position as the largest public holder. Japan-based Metaplanet has also continued accumulating Bitcoin, recently adding 2,823 BTC to bring its holdings to 43,000 BTC.
K Wave’s exit fits a wider split across corporate Bitcoin holders. Smaller companies with debt pressure have had less room to keep BTC on the balance sheet when capital access tightened. Genius Group previously sold its entire Bitcoin treasury to repay debt, while MARA used Bitcoin sales for debt reduction and AI expansion before later buying back 1,000 BTC.
AI Infrastructure Replaces Bitcoin Focus
K Wave is now moving its capital plan toward AI infrastructure rather than Bitcoin accumulation. Its latest filing says the company has started a strategic transformation toward AI-focused digital infrastructure, including data centers, GPU computing infrastructure, AI cloud and compute platforms, power systems, cooling infrastructure and related technology assets.
The same filing says the company expects shareholders to consider the proposed disposition of Play Company in July 2026 and expects to dispose of its 95% ownership interest in Solaire Partners LLC. K Wave says those moves would reduce exposure to the content merchandising sector and support its transition toward AI infrastructure-focused operations.
K Wave also remains under Nasdaq compliance pressure. The filing lists a minimum bid-price compliance deadline of July 6, 2026, and a separate market-value-of-publicly-held-shares compliance deadline of December 14, 2026. The company is evaluating options including a reverse stock split, with shareholder approval scheduled for the 2026 annual general meeting on July 11.
As of July 2, K Wave Media’s public Bitcoin balance stood at 0 BTC, its Nasdaq-listed common stock traded near $0.147, and the company’s next listed compliance date was July 6, 2026.
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