South Korea’s K Wave Media exits Bitcoin after 10,000 BTC goal

K Wave Media has sold its remaining Bitcoin holdings, ending a short-lived treasury push that once aimed to turn the Nasdaq-listed Korean media company into a major corporate BTC holder. 

The sale came less than a year after the company said it had access to up to $1 billion in financing for its Bitcoin strategy.

K Wave sells 88 BTC to repay debt

In a June 30 SEC filing, K Wave said it liquidated 88 Bitcoin held in its treasury and used the proceeds to repay $6 million of Initial Notes. The transaction was tied to an April 29 amendment to its securities purchase agreement with Anson Funds.

The same filing says K Wave sold all of its Bitcoin holdings on May 6. It also says the company has not abandoned its treasury strategy, but has decided to halt it and focus on AI infrastructure. That shift puts its Bitcoin balance at zero after it once marketed itself as a Korean media company with a Bitcoin-backed treasury model.

Company once aimed for 10,000 BTC

K Wave’s exit marks a sharp turn from its July 2025 announcement. At the time, the company said it had secured $1 billion in total capital capacity through a $500 million convertible note agreement with Anson Funds and a $500 million standby equity purchase deal with Bitcoin Strategic Reserve.

The company said it had completed an initial purchase of 88 BTC and planned to scale its holdings. 

The company also said at least 80% of net proceeds from the first Anson tranche had to be used to buy Bitcoin.

AI strategy replaces Bitcoin plan

K Wave later changed course. As previously reported, K Wave redirected up to $485 million from its Bitcoin treasury plan toward AI infrastructure, including data centers, GPU compute operations, and possible acquisitions. Its shares fell about 25% after that update.

The SEC filing adds more detail to that pivot. K Wave said it has started a strategic transformation toward AI infrastructure and is pursuing data centers, GPU clusters, AI cloud platforms, power systems, cooling systems, and related technology assets. The company also expects shareholders to consider the planned sale of Play Company and the disposal of its Solaire stake.

K Wave is also dealing with Nasdaq compliance issues. The filing says Nasdaq notified the company in January that its shares failed to meet the $1 minimum bid rule. Nasdaq sent another notice in June after the company failed to meet the required $15 million market value of publicly held shares.

Treasury firms face wider pressure

K Wave’s move adds to stress across the digital asset treasury sector. As crypto.news reported, Sequans sold half of its Bitcoin as debt pressure tested its treasury plan. That report also cited K Wave’s earlier Bitcoin-to-AI shift as another case of public firms rethinking BTC reserves.

The wider model has also come under review. Crypto.news explained that Bitcoin treasury companies often depend on investor demand, share premiums, and access to fresh capital. When those conditions weaken, debt and dilution can make the structure harder to maintain.

Previously, crypto.news reported that Strive’s Ben Werkman warned that a long Bitcoin downturn could force some treasury firms to restructure, especially those that relied on convertible debt. K Wave’s sale shows how a company can move from an aggressive BTC target to debt repayment and a new business focus within one year.