- K Wave sold its remaining 88 BTC to repay $6 million in debt, reducing its Bitcoin holdings to zero.
- The firm shifted focus from a 10,000 BTC treasury plan to investing up to $485 million in AI infrastructure.
- K Wave also faces Nasdaq compliance challenges over minimum bid price and public market value requirements.
Nasdaq-listed K Wave Media has exited its Bitcoin treasury strategy after selling its remaining 88 BTC on May 6 to repay $6 million in debt, according to a June 30 SEC filing. The move ends a plan unveiled in 2025 that targeted 10,000 Bitcoin and followed the company’s decision to redirect financing toward artificial intelligence infrastructure.
Bitcoin Strategy Ends After Funding Shift
According to the SEC filing, K Wave used proceeds from the Bitcoin sale to repay Initial Notes under an amended securities purchase agreement with Anson Funds. The transaction reduced the company’s Bitcoin holdings to zero.
The sale marked a sharp reversal from its earlier treasury plans. In 2025, K Wave secured up to $1 billion in financing through separate agreements with Anson Funds and Bitcoin Strategic Reserve.
At the time, the company allocated 80% of certain financing proceeds to Bitcoin purchases. It completed an initial acquisition of 88 BTC in July 2025. Chief Executive Officer Ted Kim previously said the company intended to expand its holdings to 10,000 Bitcoin as quickly as possible.
AI Expansion Replaces Crypto Focus
However, K Wave later changed direction. The company announced plans to redirect up to $485 million of its remaining financing capacity toward AI infrastructure projects.
According to the filing, the new strategy includes investments in data centers, GPU clusters, AI cloud platforms, cooling systems, power infrastructure, and related technology assets.
In addition, K Wave plans to sell its Play Company subsidiary. The company also expects shareholders to consider disposing of its stake in Solaire. Following the AI strategy announcement, K Wave shares fell about 25%.
Nasdaq Notices Add To Challenges
Alongside the business shift, K Wave disclosed ongoing Nasdaq compliance issues. The exchange notified the company in January that it failed to meet the minimum $1 bid price requirement.
Nasdaq issued another notice in June after K Wave fell below the required $15 million market value of publicly held shares. Although K Wave stated it has paused rather than abandoned its Bitcoin treasury strategy, the company currently holds no Bitcoin after completing the May 6 sale.
