Published on 06/04/2025 at 10:41, updated on 06/04/2025 at 11:02
Shares of K Wave Media more than tripled after the company said it would sell up to $500 million of shares to buy and stash bitcoin on its balance sheet.
The stock was changing hands at $6.21 in early trading after closing the market yesterday at $1.92. Shares were trading at around $11 this time a year ago.
The Korean media firm is the latest in a growing number of companies that have created treasuries to buy and hold bitcoin. Perhaps the most prominent company to adopt this strategy is the software company MicroStrategy, which has amassed more than $60 billion worth of bitcoin and intends to issue billions of dollars in convertible debt to buy more.
President Trump’s media company, which operates his Truth Social platform, said last month that it would raise about $2.5 billion from institutional investors to buy bitcoin.
K Wave, which went public by merging with a blank-check company last month, said proceeds from its stock sales will be used for its digital-asset treasury strategy as well as for working capital and M&A activities.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
06-04-25 1040ET
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