K Wave sells 88 Bitcoin to repay debt
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- K Wave Media sold its remaining 88 Bitcoin to repay US$6 million in debt, ending its Bitcoin treasury holdings.
- The sale reverses the company's previous goal of building a 10,000 Bitcoin treasury backed by up to US$1 billion in financing.
- K Wave said it has paused its Bitcoin strategy and will instead focus on AI infrastructure investments.
K Wave Media liquidated its remaining 88 Bitcoin (CRYPTO:BTC) and used the proceeds to repay US$6 million of Initial Notes, ending its Bitcoin treasury holdings after previously promoting an expansion strategy.
The sale was disclosed in a June 30 filing with the United States Securities and Exchange Commission and followed the company's May 6 disposal of all its Bitcoin, despite announcing in July 2025 that it planned to build a treasury of 10,000 BTC using up to US$1 billion in financing.
“Our objective is clear: to scale our holdings toward 10,000 Bitcoin as soon as possible,” said K Wave Media chief executive officer Ted Kim.
The company said it has paused its Bitcoin treasury strategy and is now pursuing AI infrastructure investments, including data centres, GPU clusters, AI cloud platforms, power systems, cooling systems and related technology assets, while shareholders are also expected to consider the proposed sale of Play Company and its Solaire stake.
K Wave Media also disclosed ongoing Nasdaq compliance issues after receiving notices that it failed to meet the minimum US$1 bid price requirement and the required US$15 million market value of publicly held shares, while following the announcement the company's share price was not disclosed.
The strategic shift follows an earlier decision to redirect up to US$485 million previously allocated to its Bitcoin treasury plan toward AI infrastructure projects, after which the company's shares fell about 25%.
K Wave Media's move reflects broader pressure on Bitcoin treasury companies as weaker capital markets and debt obligations have prompted some firms to reduce digital asset holdings and reassess treasury strategies.
At the time of reporting, Bitcoin price was $60,710.52.
