- K Wave sold all 88 BTC from its treasury and used the proceeds to repay $6 million of Initial Notes.
- The company now holds zero Bitcoin after previously targeting a treasury of 10,000 BTC.
- K Wave said it has paused its Bitcoin treasury strategy and is prioritizing investments in AI infrastructure under an amended agreement with Anson Funds.
K Wave Liquidates Bitcoin Treasury to Repay Debt
Nasdaq-listed K Wave has sold its entire Bitcoin treasury after liquidating 88 BTC and using the proceeds to repay approximately $6 million of Initial Notes, according to a June 30 filing with the U.S. Securities and Exchange Commission (SEC).
The filing states that the Bitcoin sale was completed on May 6 and was linked to an April 29 amendment to the company’s Securities Purchase Agreement with Anson Funds. Following the transaction, K Wave’s Bitcoin holdings fell to zero.
The company said it has not permanently abandoned its Bitcoin treasury strategy but has decided to halt further accumulation while redirecting its capital allocation toward artificial intelligence infrastructure. The latest disclosure confirms the full exit from a strategy that had previously positioned K Wave as a Korean media company combining entertainment operations with a Bitcoin-backed corporate treasury.
In May 2026, Michael Saylor’s Strategy repurchased $1.5 billion of its 0% Convertible Senior Notes due 2029, reducing its outstanding debt and strengthening its capital structure.
Strategic Reversal From 10,000 BTC Target
The latest filing marks a significant reversal from K Wave’s Bitcoin expansion plans announced in July 2025. At that time, the company secured up to $1 billion in total capital capacity through a $500 million convertible note agreement with Anson Funds and a separate $500 million Standby Equity Purchase Agreement with Bitcoin Strategic Reserve. The company also completed its initial purchase of 88 BTC and said at least 80% of net proceeds from the first Anson financing tranche would be used to acquire Bitcoin.
Chief Executive Officer Ted Kim said during the announcement:
“Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible while maintaining strong investor alignment”
Less than a year later, the company’s latest SEC filing confirms that those initial 88 BTC have now been fully sold, ending the Bitcoin treasury program that was originally intended to support large-scale accumulation.
AI Infrastructure Becomes K Wave’s New Priority
K Wave first disclosed its strategic shift in a Form 6-K filed with the SEC on May 4, announcing that it would redirect up to $485 million of remaining financing capacity from its Bitcoin treasury initiative toward AI infrastructure. The revised strategy includes investments in data centers, GPU compute operations, AI-related acquisitions and partnerships, while also pursuing a broader corporate restructuring and debt reduction.
The June 30 filing provides additional confirmation that the transition has now extended beyond future capital allocation, with the company fully exiting its existing Bitcoin position. As a result, K Wave currently holds no Bitcoin while continuing its planned transformation into an AI infrastructure-focused business.
At the time of writing (6:06 am UTC), Bitcoin (BTC) was trading at $60,429.82, up 2.53% over the past 24 hours. Despite the daily gain, BTC remained down 1.77% over the past week, reflecting continued short-term market volatility. Traders are monitoring whether Bitcoin can sustain momentum above the $60,000 level as broader crypto market sentiment improves.
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