Former Bitcoin treasury
K Wave Media Ltd. no longer pursues a Bitcoin treasury strategy. The holdings, debt, and metrics below reflect the last recorded data (May 6, 2026) and are no longer being updated.
₿$73,459.79▼ 0.12%
K Wave Media Ltd.
KWM🇰🇾Former
K Wave Media is a Cayman Islands-based entertainment company combining Korean pop culture content production with a Bitcoin-focused corporate treasury strategy. The company acquired its initial 88 BTC using proceeds from the first tranche of a $500M convertible note facility with Anson Funds, supplemented by a $500M standby equity purchase agreement with Bitcoin Strategic Reserve.
BTC Holdings
0 BTC
180d
Stock PriceUpdated 11h ago
$0.27▼ 4.66%
180d
Total financing
19.04M USD
180d
mNAV
—
180d
Leverage
—
180d
Sats/Share
0
180d
Mkt capFD
24.41M USD
SharesFD
91.76M
Total reserve
0.00 USD
Dilution
25.3%
Coverage
0.0 yr
BTC mix
83%
Analytics
FinancialsUnverified
IFRSAnnualAs of 2025-12-31
Balance Sheet
Total Assets125.7B KRW▲195.1%
Total Liabilities147.3B KRW▲328.0%
Stockholders' Equity-21.6B KRW▼364.3%
Cash & Equivalents8.4B KRW▲101.5%
Total Debt—
Digital Assets—
Income Statement
Revenue78.1B KRW
Operating Income-194.7B KRW
Net Income-208.1B KRW
Interest Expense37.6B KRW
Cash Flow
Operating Cash Flow—
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price |
|---|---|---|---|---|---|
| KWM-Jul27 | Jul '25 – Jul '27 | 0% | 15.79M USD | 15.79M USD | 4.40 USD |
| KWM-PIPE1 | Jun '24 – Jun '27 | 3% | 3.75M USD | 2.25M USD | 4.00 USD |
| KWM-PIPE2 | May '25 – May '28 | 3% | 4.40M USD | 1.00M USD | 5.00 USD |
| Total | 19.04M USD | ||||
Recent Changes
Wed, May 6, 2026
BTC Holdings
88→0-88 BTC(-100.0%)
All 88 BTC sold for $6.95M; BTC treasury strategy halted in favor of AI infrastructure.
Form 20-F (Annual Report 2025)Thu, Mar 12, 2026
Debt OutstandingConversionKWM-Mar26
1.0M→0-1.0M(-100.0%)
Fully converted into 1,952,662 Ordinary Shares; note cancelled
Form 20-F (Annual Report 2025)Thu, Feb 19, 2026
Shares Outstanding
64.2M→73.2M+9.0M(+14.0%)
Shares issued and outstanding per F-1 registration statement
Form F-1 (registration of warrant/resale shares)Wed, Jan 21, 2026
Debt OutstandingIssuancekwm-warrant-jan-2026
200.0K
Form 20-F (Annual Report 2025)
Wed, Dec 31, 2025
Shares Outstanding
59.9M→64.2M+4.3M(+7.2%)
Form 20-F (Annual Report 2025)
Wed, Dec 3, 2025
Debt OutstandingIssuanceKWM-Mar26
1.0M
Form 20-F (Annual Report 2025)