Overview
- K Wave sold its entire 88 BTC holding on May 6, raising about $64.2 million and using the proceeds to repay debt including $6 million of Initial Notes, as confirmed in a June 30 SEC filing.
- Less than a year earlier the company secured up to $1 billion of financing capacity through a $500 million SPA with Anson Funds and a $500 million SEPA with Bitcoin Strategic Reserve that had been earmarked largely for Bitcoin purchases.
- On May 4 the company announced it would reallocate up to $485 million of that financing to build AI infrastructure such as data centers and GPU compute, and the Bitcoin sale followed two days later.
- K Wave has launched wider restructuring steps that include seeking shareholder approval to sell its Play Co. unit to remove about $48 million of liabilities, retiring ordinary shares, and proposing a rebrand with a July vote scheduled.
- The move and Nasdaq notices over listing compliance triggered a roughly 24–25% share selloff and underline how convertible and structured financing can force smaller firms to abandon aggressive corporate Bitcoin plans when credit, liquidity, or listing pressures rise.