The Wave Media of the South Korean entertainment company has entered a securities purchase agreement of up to $ 500 million to fund bitcoin-centered crypto treasury strategy.
By June 4 AnnouncementThe firm said it reached a deal with Bitcoin Strategic Reserve KWM for the sale of ordinary shares. The deal includes the sale of simple shares of $ 500 million to fund the company’s bitcoin treasury.
“By embedding BTC into our main strategy, we are strengthening our commitment to decentralization, agility and future value making,” said Ted Kim, co-integrity CEO of Wave Media.
The company said that its purpose is to become “Metaplanet” of Korea, which after adopting a uniform bitcoin-centered strategy saw its stock. Inspired by the strategy of Business Intelligence Company (East Microstrate).
At the time of writing, K Wave Media’s stock was 162% on Nasdaq, which traded at $ 5.04.
Connected: Metaplanet becomes 8th largest bitcoin holder with purchasing $ 118m
Bitcoin Treasure Financing
The announcement stated that income from the deal would be used to fund the “bitcoin-centered digital asset treasury strategy” of the deal from the deal, suggesting that it could buy cryptocurrency other than bitcoins.
The Wave Media also intends to use funds for merger and acquisition to expand its content and ke-pap-related businesses. Nevertheless, bitcoin is the front and center of those schemes:
“Under this initiative, K wave, subject to certain limitations, allocates an important part of the income received from the sale of any share, which is derived from the sale of any share under the convenience of purchasing, long -term holding and optimization of bitcoin.”
Connected: Metaplanet $ 21m to release $ 21m to buy bitcoin, a day after $ 50m
The company plans to operate bitcoin lightening network nodes and investing in infrastructure that facilitates the on-chant transactions and decentralization.
The Wave Media Bitcoin is the latest in the increasing list of public companies hugging as a corporate reserve asset, a trend that began in 2020 with a microstrate and has since gained traction among firms in Asia, including Metaplanet, including Metaplanet, According For data from bitcoin treasury.
magazine: Korea to lift corporate crypto ban, beware of crypto mining HDS: Asia Express
