Popular K-pop company behind BTS merch sells all its Bitcoin

K Wave Media (NASDAQ: KWM), a Korean amusement institution known for K-drama and K-pop contented licensing, sold each of its Bitcoin (BTC) holdings connected May 6.

According to a Form F-3 connected June 30, the merchantability was made for aggregate proceeds of $64.2 million, which registers up to $250 cardinal successful securities.

K Wave's subsidiary, Play Company, has a one-year planetary organisation statement with HYBE Co., Ltd., the genitor institution down planetary K-Pop radical BTS, connected April 3, 2026. This covers video and people merchandise for BTS, and different HYBE-backed K-Pop groups similar Seventeen, Tomorrow X Together and LE SSERAFIM. HYBE retains each underlying intelligence spot rights nether the deal.

Related: Analysts emblem informing signs for Bitcoin treasury companies

A halt, not exit

The sale, tied to an April 29 amendment to a securities acquisition statement with Anson Funds, liquidated the company's 88 BTC and utilized portion of the proceeds to repay $6 cardinal of outstanding notes.

The filing states K Wave has "not abandoned" its treasury strategy outright but has "determined to halt" it portion it redirects superior toward AI infrastructure.

The reversal caps a Bitcoin treasury effort that lasted little than a year. K Wave archetypal bought 88 BTC successful July 2025. It was backed by up to $1 cardinal successful combined financing capableness done a $500 cardinal statement with Anson Funds and a abstracted $500 cardinal standby equity acquisition statement with Bitcoin Strategic Reserve KWM LLC.

CEO Ted Kim had said astatine the clip the institution aimed to standard holdings toward 10,000 BTC. 

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Debt unit and Nasdaq hazard forced the pivot

The halt successful Bitcoin treasury plans followed mounting fiscal strain. K Wave's Anson notes carried default presumption that could trigger 12% retroactive involvement and fto the secured enactment prehend collateral, creating unit to person Bitcoin to cash.

Moreover, Nasdaq notified K Wave connected June 16, 2026, that its mean shares failed to conscionable the $15 cardinal minimum Market Value of Publicly Held Shares request for continued listing, based connected the May 4 to June 15 trading period. 

The institution present has until December 14, 2026, a 180-day model to regain compliance, which it tin bash by closing supra $15 cardinal successful publically held stock worth for 10 consecutive concern days. 

If it fails to bash so, Nasdaq would determination to delist the shares, though K Wave would person the close to entreaty oregon perchance transportation its listing to the Nasdaq Capital Market if it meets that market's standards. The institution said it is evaluating options and planned to taxable a ceremonial compliance program to Nasdaq successful June, portion cautioning there's nary warrant it volition regain compliance.

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This communicative was primitively published by TheStreet connected Jul 3, 2026, wherever it archetypal appeared successful the MARKETS section. Add TheStreet arsenic a Preferred Source by clicking here.