K Wave Media had a Bitcoin strategy. Then it didn’t. On May 6, 2026, the Nasdaq-listed K-Pop and entertainment company sold its entire Bitcoin holdings for $64.2 million, closing the book on a treasury experiment that lasted less than a year.
The company used proceeds from the sale to repay debt, completing a strategic reversal that left KWM holding zero Bitcoin and a very different roadmap than the one it pitched to investors in 2025.
From $1 billion Bitcoin bet to zero
Less than a year ago, K Wave Media looked like it was building a serious crypto treasury operation. In 2025, the company secured $1 billion in capital capacity through two separate financing agreements: a $500 million SPA with Anson Funds and a $500 million SEPA with Bitcoin Strategic Reserve.
The terms were explicit. Eighty percent of net proceeds from certain instruments were designated specifically for Bitcoin purchases. The company followed through, acquiring 88 BTC in July 2025 as the foundation of that strategy.
