K Wave Media Inc. has announced a $500 million convertible observe settlement with Anson Funds to assist its Bitcoin treasury technique. This financing follows an earlier $500 million standby fairness buy settlement with Bitcoin Strategic Reserve, bringing the corporate’s whole capital capability to $1 billion.
As a part of the Anson settlement, K Wave will difficulty $15 million in senior secured convertible notes and warrants within the first tranche. Underneath the phrases of the deal, no less than 80% of the web proceeds will likely be used to buy Bitcoin. K Wave confirmed it has already acquired 88 BTC.
“We imagine that this financing construction positions us to execute probably the most bold company Bitcoin accumulation methods on the planet,” mentioned Ted Kim, CEO of K Wave Media. “Our goal is obvious: to scale our holdings towards 10,000 Bitcoin as quickly as attainable whereas sustaining robust investor alignment and full transparency in treasury reporting.”
The corporate additionally expects its Korean content material enterprise to learn from the technique. “We actively discover modern methods for world followers to have interaction with, eat, and even put money into our premium motion pictures and dramas utilizing Bitcoin,” Kim added.
Amin Nathoo, CEO of Anson Funds, acknowledged: “We’re excited to accomplice with K Wave and their spectacular administration group as they execute on each the K-content and Bitcoin treasury alternatives.”
The settlement permits for the potential issuance of as much as $500 million in convertible notes and warrants, with conversion pricing set at $4.40 per share. The warrants, exercisable at $3.6616, are legitimate for 5 years. The notes mature in July 2027 and solely accrue curiosity within the occasion of default.
D. Boral Capital LLC acted because the unique placement agent for the providing.
K Wave Media is the primary Nasdaq-listed firm to mix Korean cultural content material with a Bitcoin treasury mannequin, aiming to create new types of engagement.
