Interactive Brokers shares jump as it secures spot in S&P 500
Investing.com -- K Wave Media Inc. (NASDAQ:KWM) stock surged as much as 60% after announcing a convertible note agreement with Anson Funds that will provide up to $500 million in financing, with at least 80% of net proceeds allocated toward Bitcoin purchases.
The deal includes an initial $15 million in senior secured convertible notes and warrants issued to Anson Investments Master Fund, LP, and Anson East Master Fund LP. This financing, combined with a previously announced $500 million Standby Equity Purchase Agreement with Bitcoin Strategic Reserve, brings the company’s total capital capacity for its Bitcoin treasury initiative to $1 billion.
K Wave Media, which describes itself as the first Nasdaq-listed company to integrate Korean cultural content with a Bitcoin-focused treasury model, has already acquired 88 Bitcoin as part of its strategy. The company stated it intends to build its holdings toward 10,000 Bitcoin "as soon as possible."
"We believe that this financing structure positions us to execute one of the most ambitious corporate Bitcoin accumulation strategies in the world," said Ted Kim, CEO of K Wave Media. "Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible while maintaining strong investor alignment and full transparency in treasury reporting."
The company aims to combine its Bitcoin strategy with its existing Korean content business, exploring ways for global fans to engage with and consume its premium movies and dramas using Bitcoin.
D. Boral (OTC:BOALY) Capital LLC served as the exclusive placement agent for the offering.
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