K Wave Media exits Bitcoin, sells holdings for $64.2M

Nasdaq-listed K Wave Media sold all of its Bitcoin holdings on May 6, the company disclosed in a June 30 Form F-3 registration statement. The filing reported aggregate proceeds of $64.2 million and said 88 BTC were liquidated under an April 29 amendment to a securities purchase agreement with Anson Funds, with part of the proceeds used to repay $6 million of initial convertible notes.

K Wave outlined the financing that supported its prior Bitcoin plan. In June 2025 the company entered a standby equity purchase agreement that allowed sales of up to $500 million of ordinary shares tied to a treasury strategy. In July 2025 the company completed an initial closing under a securities purchase agreement with Anson Funds that generated $15 million in gross proceeds through senior secured convertible notes and warrants.

An amendment dated April 29, 2026 redirected some financing capacity. The filing said the amendment led to the liquidation of 88 Bitcoin and directed future proceeds toward AI infrastructure. It added that future AI infrastructure assets would become collateral under the existing security agreement.

The Form F-3 describes key terms of the Anson notes. The notes include ordinary-share conversion rights and alternative conversion mechanics that depend on trading prices. The notes do not bear regular interest unless an event of default occurs, in which case they would carry 12% annual interest retroactive to issuance. The agreement contains default and acceleration clauses that could require immediate repayment of outstanding principal, accrued interest and other amounts.

Collateral provisions in the financing documents give secured parties the right to take exclusive control of collateral and to sell or transfer it to satisfy secured obligations. If sale remedies do not cover outstanding amounts, the filing states the company would remain liable for any deficiency.

The company framed the transactions in the filing through disclosures about financing, collateral and strategic priorities. The filing notes that K Wave halted its Bitcoin treasury strategy while shifting focus to AI infrastructure, and it presents the $64.2 million figure as aggregate proceeds separate from the 88 BTC liquidation disclosure.

K Wave also disclosed Nasdaq listing notices that added timing pressure. Nasdaq notified the company in January that it failed to meet the $1 minimum bid-price rule for the period Nov. 20, 2025, through Jan. 6, 2026, and set a July 6, 2026 deadline to regain compliance. A June notice said the company did not meet the $15 million minimum market value of publicly held shares for May 4 to June 15, with a Dec. 14, 2026 deadline to remedy the deficiency. The filing reports ordinary shares closed at $0.164 on June 29.

The Form F-3 sets out the financing agreements, collateral terms and listing notices that accompanied the sale and use of proceeds described in the filing.