K Wave Media Sells 88 BTC for $64.2M on May 6, Halts Bitcoin Treasury Strategy

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According to Form F-3 filing disclosed on June 30, K Wave Media (NASDAQ: KWM) sold all 88 of its Bitcoin holdings on May 6 for aggregate proceeds of $64.2 million. The South Korean entertainment company, known for K-drama and K-pop content licensing, determined to halt its Bitcoin treasury strategy while redirecting capital toward AI infrastructure. The company used part of proceeds to repay $6 million of outstanding notes tied to an Anson Funds securities agreement.
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