K Wave Media, a Nasdaq-listed Korean media company, has filed to raise up to $250 million from investors, according to a June 30 filing with the U.S. Securities and Exchange Commission, weeks after abandoning a bitcoin treasury plan that once aimed to make it one of the largest corporate holders of the token.
The filing is a shelf registration, which lets a company register a pool of securities now and sell them in pieces over time, in this case up to $250 million in shares, debt and other instruments.
A rule for smaller companies caps how much K Wave can actually sell while its public float stays below $75 million, so the figure is a ceiling rather than a sum it can raise at will.
It also confirms the end of the company’s bitcoin experiment. K Wave liquidated 88 bitcoin on April 29 to repay $6 million of debt, the filing shows, and sold its remaining holdings on May 6, taking its balance to zero. Those 88 coins were the symbolic purchase it made in July 2025 to start a treasury it said would grow to 10,000 bitcoin, a target it never came close to reaching.
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