K Wave Media Secures $500 Million Financing for Bitcoin Purchases

According to Foresight News, K Wave Media, a South Korean media alliance listed on Nasdaq under the ticker KWM, has entered into a convertible note agreement with Anson Funds. Anson has agreed to provide up to $500 million in financing, with KWM committing to allocate at least 80% of the net proceeds to purchasing Bitcoin (BTC). The initial financing involves the issuance and sale of $15 million in senior secured convertible notes and warrants to Anson Investments Master Fund, LP, and Anson East Master Fund LP, as per the securities purchase agreement. Before deducting placement agent fees and other issuance costs payable by the company, the total proceeds from this issuance will amount to $15 million. Under the purchase agreement, KWM is required to use at least 80% of the net proceeds from the sale of notes and warrants specifically for acquiring Bitcoin (BTC). Previously, KWM announced a $500 million standby equity purchase agreement (SEPA) with Bitcoin Strategic Reserve, bringing the total capital capacity of the company's financial plans to $1 billion. As the transaction progresses, KWM has completed its initial purchase of 88 BTC.