K Wave Sells Final Bitcoin Holdings and Ends Short-Lived Treasury Strategy

Highlights:

• K Wave Bitcoin holdings dropped to zero after the company sold its remaining 88 BTC and repaid $6 million in debt.
• K Wave replaced its plan to build a 10,000 BTC treasury with a new focus on AI infrastructure projects.
• Financing pressure is pushing more companies to rethink their Bitcoin treasury strategies.

K Wave, a Nasdaq-listed K-Pop and entertainment company, has sold its remaining Bitcoin holdings after ending a treasury plan that once targeted one of the largest corporate BTC reserves. The company disclosed the transaction in a June 30 filing with the U.S. Securities and Exchange Commission.

South Korean DAT Firm Exits Bitcoin After Once Touting 10,000-BTC Target

K Wave Media, a Nasdaq-listed Korean media and entertainment company, has sold its remaining 88 BTC to repay USD 6 million in debt, reducing its Bitcoin holdings to zero and exiting the Bitcoin treasury… pic.twitter.com/ls5f3flfeW

— Wu Blockchain (@WuBlockchain) July 2, 2026

The filing states that K Wave sold all 88 Bitcoin from its treasury on May 6. The company used the proceeds to repay $6 million of Initial Notes after an April 29 amendment to its securities purchase agreement with Anson Funds. The June 30 filing states that K Wave held no Bitcoin after completing the sale on May 6.

The filing states that K Wave paused its Bitcoin treasury plan and shifted its focus to artificial intelligence infrastructure instead of buying more Bitcoin. K Wave redirected its remaining financing toward AI data centers, GPU clusters, AI cloud platforms, power systems, cooling systems, and related technology assets.

K Wave ended its Bitcoin treasury strategy on May 6, less than one year after launching the plan. The filing also says the company now plans to expand its AI business instead of rebuilding its Bitcoin reserves.

K Wave Bitcoin Roadmap Gives Way To AI Expansion

K Wave announced its Bitcoin treasury strategy in July last year after securing access to $1 billion in financing. The package included a $500 million convertible note agreement with Anson Funds and a $500 million standby equity purchase agreement with Bitcoin Strategic Reserve. Together, the agreements gave K Wave access to $1 billion to finance future BTC purchases. The financing terms required K Wave to use at least 80% of net proceeds from the first Anson tranche to buy Bitcoin.

K Wave completed an initial purchase of 88 Bitcoin under that financing plan. The Chief Executive Officer, Ted Kim, said the company planned to increase its treasury to 10,000 Bitcoin. However, K Wave later redirected up to $485 million from its BTC financing plan to artificial intelligence infrastructure projects.

K Wave said its AI investment plan includes data centers, GPU compute operations, AI cloud platforms, power systems, cooling systems, and technology acquisitions. The company also expects shareholders to consider the planned sale of Play Company and the disposal of its Solaire stake. K Wave shares have fallen about 10.53% after the company announced the change in investment strategy.

Treasury Firms Confront Rising Financial and Listing Challenges

K Wave joins companies such as Sequans that have reduced or changed their BTC treasury strategies because of financing pressure. Sequans sold half of its Bitcoin holdings after debt obligations increased pressure on its treasury plan.

Many Bitcoin treasury companies depend on investor demand, share premiums, and fresh capital to continue buying Bitcoin. Weaker investor demand and lower share premiums can reduce financing options for companies that fund Bitcoin purchases through capital markets.

Debt repayments and new share issuance can also increase financing pressure by raising borrowing costs and reducing shareholder value. Meanwhile, Strive executive Ben Werkman warned that companies relying on convertible debt could face restructuring if the price of Bitcoin remains weak for a long period.

LATEST: 💰 Strive CIO Ben Werkman warns prolonged Bitcoin weakness could push treasury firms toward consolidation. pic.twitter.com/Y9qjmfPVUU

— CoinMarketCap (@CoinMarketCap) June 15, 2026

The June 30 SEC filing states that Nasdaq notified K Wave in January after its shares failed to meet the $1 minimum bid requirement. Nasdaq issued another notice in June after K Wave failed to maintain the required $15 million market value of publicly held shares.