K Wave Media, a Korean entertainment company known for K-drama and K-pop content licensing, sold all of its Bitcoin holdings on May 6. According to a Form F-3 filed on June 30, the sale generated aggregate proceeds of $64.2 million and registers up to $250 million in securities. The liquidation was tied to an April 29 amendment to a securities purchase agreement with Anson Funds and used part of the proceeds to repay $6 million of outstanding notes. K Wave's subsidiary, Play Company, has a one-year global distribution agreement with HYBE Co., Ltd., the parent company behind global K-Pop group BTS, through April 3, 2026, covering video and print merchandise for BTS and other HYBE-backed K-Pop groups like Seventeen, Tomorrow X Together and LE SSERAFIM.
K Wave Media Liquidates 88 BTC and Repays $6 Million in Notes
The sale on May 6 liquidated the company's 88 BTC. Part of the $64.2 million in proceeds was used to repay $6 million of outstanding notes. The filing states K Wave has "not abandoned" its treasury strategy outright but has "determined to halt" it while it redirects capital toward AI infrastructure.
The reversal caps a Bitcoin treasury effort that lasted less than a year. K Wave first bought 88 BTC in July 2025. It was backed by up to $1 billion in combined financing capacity through a $500 million agreement with Anson Funds and a separate $500 million standby equity purchase agreement with Bitcoin Strategic Reserve KWM LLC. CEO Ted Kim had said at the time the company aimed to scale holdings toward 10,000 BTC.
The halt in Bitcoin treasury plans followed mounting financial strain. K Wave's Anson notes carried default terms that could trigger 12% retroactive interest and let the secured party seize collateral, creating pressure to convert Bitcoin to cash.
Nasdaq Issues Compliance Notice with December 14, 2026 Deadline
Nasdaq notified K Wave on June 16, 2026, that its ordinary shares failed to meet the $15 million minimum Market Value of Publicly Held Shares requirement for continued listing, based on the May 4 to June 15 trading period. The company now has until December 14, 2026, a 180-day window to regain compliance, which it can do by closing above $15 million in publicly held share value for ten consecutive business days.
If it fails to do so, Nasdaq would move to delist the shares, though K Wave would have the right to appeal or potentially transfer its listing to the Nasdaq Capital Market if it meets that market's standards. The company said it is evaluating options and planned to submit a formal compliance plan to Nasdaq in June, while cautioning there's no guarantee it will regain compliance.
FAQ
What did K Wave Media do on May 6?
K Wave Media sold all of its Bitcoin holdings on May 6, liquidating 88 BTC for aggregate proceeds of $64.2 million according to a Form F-3 filed on June 30.
Why did K Wave Media sell its Bitcoin?
The sale was tied to an April 29 amendment to a securities purchase agreement with Anson Funds. Part of the proceeds was used to repay $6 million of outstanding notes. The company also faced mounting financial strain from Anson notes carrying default terms that could trigger 12% retroactive interest and allow the secured party to seize collateral.
What is K Wave Media's deadline to regain Nasdaq compliance?
K Wave Media has until December 14, 2026 to regain compliance with Nasdaq's $15 million minimum Market Value of Publicly Held Shares requirement. The company can achieve compliance by closing above $15 million in publicly held share value for ten consecutive business days.
