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K Wave Media Inc. (KWM) entered into a convertible note agreement with Anson Funds for up to $500 million in financing, with the company committing to allocate at least 80% of net proceeds toward Bitcoin purchases.
The initial tranche involves $15 million in senior secured convertible notes and warrants sold to Anson Investments Master Fund, LP, and Anson East Master Fund LP. Additional closings may occur subject to mutual agreement and closing conditions, with aggregate gross proceeds reaching up to $500 million.
This financing adds to K Wave’s previously announced $500 million Standby Equity Purchase Agreement with Bitcoin Strategic Reserve, bringing the company’s total capital capacity to $1 billion for its treasury initiative.
K Wave has completed an initial acquisition of 88 Bitcoin. The company stated its objective is to scale holdings toward 10,000 Bitcoin while maintaining transparency in treasury reporting.
The convertible notes mature on July 3, 2027, and do not bear interest unless an event of default occurs, in which case they carry a 12% annual interest rate. The notes convert to ordinary shares at $4.40 per share, while accompanying warrants allow purchase of up to 143,739,293 ordinary shares at $3.6616 per share and expire five years from issuance.
D. Boral Capital LLC served as the exclusive placement agent for the offering. The securities were offered in a private placement exempt from Securities Act registration requirements.
K Wave describes itself as integrating Korean cultural content with a Bitcoin-focused corporate treasury model. The company operates in Korean entertainment content while implementing a Bitcoin accumulation strategy.