K Wave Sells All Bitcoin Amid Debt and Nasdaq Pressure

K Wave Media sold all of its Bitcoin holdings on May 6, generating aggregate proceeds of $64.2 million, according to the company’s June 30 Form F-3. An April 29 amendment to a securities purchase agreement with Anson Funds recorded the liquidation of 88 BTC and the repayment of $6 million of initial convertible notes.

The filing shows K Wave entered a securities purchase agreement with Anson Funds in July 2025 under which the company issued senior secured convertible notes and warrants. The initial closing produced $15 million in gross proceeds and allowed for potential additional issuances subject to conditions.

Terms of the notes include ordinary-share conversion rights and alternate conversion mechanics tied to trading prices. The documents state the notes bear no interest unless an event of default occurs, in which case interest would accrue at 12% annually, retroactive to issuance. The security agreement grants the secured party the right to take exclusive control of collateral and sell or dispose of it if K Wave defaults; the company would remain liable for any deficiency. The F-3 does not link the Bitcoin sale to a default.

The April amendment redirected future financing capacity under the Anson agreement toward acquiring AI infrastructure assets and designated those assets as collateral under the security agreement. Filing exhibits note that K Wave paused its Bitcoin treasury strategy while focusing on AI infrastructure, without formally abandoning the strategy. The F-3 presents the 88 BTC liquidation separately from the $64.2 million aggregate proceeds figure.

The filings place Bitcoin alongside convertible debt, warrants and potential equity facilities on the balance sheet. The company used coin liquidations to repay debt, adjust collateral and preserve financing flexibility as it shifted capital toward data center and GPU assets tied to an AI infrastructure plan. Earlier registration materials from June 2025 described a standby equity purchase agreement that gave the company the right to sell up to $500 million of ordinary shares for working capital, general corporate purposes and the treasury strategy; that structure had been modified by mid-2026.

Nasdaq listing notices added timing pressure. The F-3 shows Nasdaq notified the company in January that its ordinary shares had failed to meet the $1 minimum bid-price requirement for the period from Nov. 20, 2025, to Jan. 6, 2026, with a compliance deadline of July 6, 2026. A separate notice in June indicated K Wave did not meet the $15 million minimum market value of publicly held shares requirement for the period from May 4 to June 15, 2026, with a Dec. 14, 2026 deadline to regain compliance. The filing reports the ordinary shares closed at $0.164 on June 29.