Odaily Planet Daily News 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 of common stock for the purchase of BTC, mergers and acquisitions and other company operations. After the news was released, KWM's stock price rose by more than 132% on the same day.
K Wave said that under certain restrictions, most of the proceeds from the sale of shares will be used to "purchase, long-term holding and yield optimization" Bitcoin. The company said that it is one of the first listed media companies to incorporate Bitcoin into its core financial operations.
The strategy was inspired in part by Bitcoin reserve pioneers such as Japanese listed companies Metaplanet and MicroStrategy (Michael Saylor). K Wave executives said that they believe that the model that combines public market financing and focuses on Bitcoin strategy will be welcomed by Asian and global investors.
K Wave Media was founded in 2023 and is headquartered in the Cayman Islands. It mainly engages in K-pop content production and peripheral product development. Interim co-CEO Ted Kim said: "By incorporating BTC into our core strategy, we have strengthened our commitment to decentralization, flexibility, and future value creation." According to The Block, at least 20 companies around the world have included Bitcoin in their balance sheets, with a total holding of no less than $5 million.