By cryptoadmin K Wave Media, a Nasdaq-listed Korean media company, has filed to raise up to $250 million from investors, according to a June 30 filing with the U.S. Securities and Exchange Commission, weeks after abandoning a bitcoin treasury plan that once aimed to make it one of the largest corporate holders of the token.
The filing is a shelf registration, which lets a company register a pool of securities now and sell them in pieces over time, in this case up to $250 million in shares, debt and other instruments.
A rule for smaller companies caps how much K Wave can actually sell while its public float stays below $75 million, so the figure is a ceiling rather than a sum it can raise at will.
It also confirms the end of the company's bitcoin experiment. K Wave liquidated 88 bitcoin on April 29 to repay $6 million of debt, the filing shows, and sold its remaining holdings on May 6, taking its balance to zero. Those 88 coins were the symbolic purchase it made in July 2025 to start a treasury it said would grow to 10,000 bitcoin, a target it never came close to reaching.
The ambition was large at the outset. K Wave said last year it had secured up to $1 billion in financing capacity, split between a $500 million convertible note deal with Anson Funds and a $500 million standby equity agreement with Bitcoin Strategic Reserve. The announcement came as buying bitcoin for the balance sheet had become the biggest hype, similar to Michael Saylor's playbook, which saw share prices of these smaller companies surging.
The hype unraveled within less than a year. Most of the companies that bought or said they will buy bitcoin lost significant value as the bitcoin price crashed from October's all-time high, with some companies losing more than 90% of their peak stock value. This led most of these firms to sell their bitcoin and seek other ways to survive.
A similar path played out for K Wave. CoinDesk reported in May that K Wave was redirecting about $485 million of the Anson capacity away from bitcoin and into AI infrastructure, sending its stock down about 24% in a day.
The June filing fills in the rest. The company is pursuing data centers and GPU computing, the specialized chips used to train AI, plans to sell its main entertainment subsidiary to cut about $48 million in debt, and will ask shareholders next week to approve a new name, Talivar Technologies.