Nasdaq-listed K-Pop media firm K Wave stock rallies 130% after announcing Bitcoin acquisition strategy

K Wave Media (ticker KWM), a Nasdaq-listed K-Pop media holding company, is the latest firm to pursue a Bitcoin acquisition strategy, according to an announcement on Wednesday. The firm plans to sell up to $500 million worth of ordinary shares to finance its crypto treasury purchases, M&A activities, and other corporate operations.

“Under this initiative, K Wave will, subject to certain limitations, allocate a significant portion of the proceeds received from the sale of any shares under the facility to the purchasing, long-term holding, and yield optimization of Bitcoin,” K Wave Media wrote. 

KWN is up 132.39% on the day, according to Yahoo Finance . 

According to The Block’s data , there are at least 20 firms worldwide with at least $5 million worth of Bitcoin on their balance sheet, as the trend of firms holding the cryptocurrency as a strategic reserve asset heats up. K Wave, for its part, claims that it is among the first “publicly traded media companies to integrate BTC directly into its core treasury operations.”

The trend has largely been inspired by the success of Michael Saylor’s Strategy , which began buying Bitcoin in 2021 and currently holds over $60 billion worth of BTC. This year has seen the launch of several debt- and equity-fueled corporate Bitcoin treasuries, as well as similar companies founded to invest in alternative assets, such as Ether and Solana. 

K Wave noted that it drew particular inspiration from Metaplanet, the Japan-based firm that has been loading up on Bitcoin and Ether. K Wave's top brass “believes a similar model — combining public market access with a focused Bitcoin treasury initiative — will resonate with investors across Asia and the globe,” they said. 

K Wave Media, founded in 2023, is a diversified entertainment company based in the Cayman Islands, with a primary focus on the rapidly expanding K-Pop industry. The firm produces K-pop-related content and merchandise, tapping into the industry's growing influence and dedicated fan base.

“By embedding BTC into our core strategy, we’re reinforcing our commitment to decentralization, agility, and future-facing value creation,“ Ted Kim, co-interim CEO of K Wave Media, said in a statement.