K-Pop media company K-Wave announces Bitcoin strategy, causing stock price to soar 130%

Odaily Planet Daily News: K-pop media company K Wave Media (KWM), listed on NASDAQ, announced that it will adopt a Bitcoin acquisition strategy and plans to sell up to $500 million in common stock for the purchase of BTC, mergers and acquisitions, and other company operations. After the news was released, KWM's stock price rose by over 132% on the same day. K Wave stated that under certain restrictions, the majority of the proceeds from selling stocks will be used to "purchase, hold for the long term, and optimize returns" Bitcoin. The company claims to be one of the first listed media companies to incorporate Bitcoin into its core financial operations. This strategy was inspired in part by Bitcoin reserve pioneers such as Japanese listed companies Metaplanet and MicroStrategy (Michael Saylor). K Wave executives believe that the combination of public market financing and a focus on Bitcoin strategy will be welcomed by investors in Asia and around the world. K Wave Media was founded in 2023, headquartered in the Cayman Islands, specializing in K-pop content production and peripheral product development. Interim Co CEO Ted Kim stated, "By incorporating BTC into our core strategy, we have strengthened our commitment to decentralization, flexibility, and future value creation. ” According to The Block data, at least 20 companies worldwide have included Bitcoin on their balance sheets, with a total holdings of no less than $5 million.