The South Korean Entertainment Company K Wave Media has concluded a value purchase agreement of a value of up to $ 500 million to finance a cryptographic treasury strategy focused on Bitcoin.
K Wave concluded an agreement with Bitcoin Strategic Reserve KWM for sale up to $ 500 million in ordinary shares to finance its Bitcoin treasure, according to an announcement of June 4.
“By integrating BTC into our basic strategy, we are strengthening our commitment to decentralization, agility and creation of value-oriented value,” said Ted Kim, CEO Co-irerim by K Wave Media.
The company said that it aims to become the “Korea Metaplanet”, which saw its stock rising after adopting a similar strategy focused on Bitcoin inspired by the business intelligence strategy (formerly Microstrategy).
At the time of writing this document, the actions of K Wave Media increased by 162% on the Nasdaq, negotiating at $ 5.04.
In relation: Metaplanet becomes the 8th largest Bitcoin support with $ 118 million Buy
Bitcoin treasure financing
The agreement of the agreement will be used to finance the “cashable asset strategy of digital assets on k wave media bitcoin”, which suggests that it could buy other cryptocurrencies in addition to bitcoin.
K Wave Media also intends to use funds for mergers and acquisitions to extend its content and its companies related to K-POP. However, Bitcoin is at the center of these plans:
“Under this initiative, K Wave, subject to certain limitations, allocates a large part of the products received from the sale of any actions under the installation for purchase, long -term detention and the optimization of Bitcoin yields.”
In relation: Metaplanet issues $ 21 million in bonds to buy Bitcoin, one day after 50 million dollars
The company also plans to exploit the nodes of the Bitcoin Lightning network and invest in infrastructure that facilitate chain transaction awards and decentralization.
K Wave Media is the last of an increasing list of public enterprises adopting Bitcoin as a business reserve ratio, a trend that started with microstrategia in 2020 and has since gained ground among companies in Asia, including Metaplanet, according to Bitcoin Treasuries data.
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