Anand Sinha
1 min read
K-pop giant plots $500M pivot that no one saw coming originally appeared on TheStreet.
K Wave Media Ltd. (Nasdaq: KWM), a South Korean entertainment company, recently announced its plan to build a Bitcoin treasury.
On June 4, the K-pop company announced that it has entered into a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC to sell up to $500 million of ordinary shares.
The company, well-known for K-pop merchandising and K-entertainment investments, said it hopes to become the “Metaplanet of Korea,” a Japanese Bitcoin treasury company that itself deployed the strategy of Michael Saylor's Strategy (Nasdaq: MSTR), the largest public corporate BTC holder, to add Bitcoin to its balance sheet.
K Wave Media said it will use the proceeds from the sale of these shares to support a "Bitcoin-centric digital asset treasury strategy." It did not specify which other cryptocurrencies it could acquire in the future to add to its account book.
The K-Pop giant also said it plans to operate Bitcoin Lightning Network nodes and invest in infrastructure. The Bitcoin Lightning Network is a layer-2 payment protocol built on top of the Bitcoin blockchain that facilitates fast, low-cost, and scalable transactions.
The company also plans to invest in Bitcoin-native infrastructure to enhance decentralization so that there is no centralized control over payments.
The company's stock, which debuted on Nasdaq on May 14, jumped more than 300% following the announcement on June 4 and reached its record high price of $6.17 on the day. At press time, KWM was trading at $3.6393.
As per Kraken, Bitcoin was trading at $104,671.76 at press time.
K-pop giant plots $500M pivot that no one saw coming first appeared on TheStreet on Jun 6, 2025
This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.
