K Wave sold all its Bitcoin as debt and Nasdaq issues mounted

For crypto investors tracking public Bitcoin treasury companies, K Wave Media's latest filing is a reminder that a BTC reserve can turn into a funding tool when a balance sheet comes under strain.

In a June 30 Form F-3, the Nasdaq-listed company said it sold all of its Bitcoin on May 6 for aggregate proceeds of $64.2 million. The filing also said K Wave had liquidated 88 BTC under an April 29 amendment to its securities purchase agreement with Anson Funds, and used part of that transaction to repay $6 million of initial notes.

K Wave did not say the sale was forced, but the filing shows how financing terms had taken priority. The company had raised $15 million in gross proceeds through senior secured convertible notes and warrants under a July 2025 agreement with Anson. The amended terms also let future securities-sale proceeds be used for AI infrastructure assets, which would then become collateral under its security agreement. K Wave said its Bitcoin treasury strategy was paused while it focused on AI infrastructure.

The company was also dealing with Nasdaq compliance pressure. It disclosed notices tied to the exchange's $1 minimum bid requirement and the $15 million minimum market value of publicly held shares test. Its shares closed at $0.164 on June 29.