K Wave Media Inc. has announced a $500 million convertible note agreement with Anson Funds to support its Bitcoin treasury strategy. This financing follows an earlier $500 million standby equity purchase agreement with Bitcoin Strategic Reserve, bringing the company’s total capital capacity to $1 billion.
As part of the Anson agreement, K Wave will issue $15 million in senior secured convertible notes and warrants in the first tranche. Under the terms of the deal, at least 80% of the net proceeds will be used to purchase Bitcoin. K Wave confirmed it has already acquired 88 BTC.
“We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world,” said Ted Kim, CEO of K Wave Media. “Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible while maintaining strong investor alignment and full transparency in treasury reporting.”
The company also expects its Korean content business to benefit from the strategy. “We actively explore innovative ways for global fans to engage with, consume, and even invest in our premium movies and dramas using Bitcoin,” Kim added.
Amin Nathoo, CEO of Anson Funds, stated: “We are excited to partner with K Wave and their impressive management team as they execute on both the K-content and Bitcoin treasury opportunities.”
The agreement allows for the potential issuance of up to $500 million in convertible notes and warrants, with conversion pricing set at $4.40 per share. The warrants, exercisable at $3.6616, are valid for five years. The notes mature in July 2027 and only accrue interest in the event of default.
D. Boral Capital LLC acted as the exclusive placement agent for the offering.
K Wave Media is the first Nasdaq-listed company to combine Korean cultural content with a Bitcoin treasury model, aiming to create new forms of engagement.