Korean company sells 88 Bitcoin to repay debt

K Wave Media, a Nasdaq-listed Korean media and entertainment company, is selling its entire Bitcoin position of 88 BTC to repay $6 million in debt. This reduces the company’s Bitcoin holdings to zero and ends its so-called Bitcoin treasury strategy. Remarkably, the company had announced last year that it aimed to accumulate up to 10,000 BTC.

Bitcoin is available at OKX and Bybit.

From ambitious plan to zero Bitcoin

K Wave Media had presented itself last year as a serious player in the world of Bitcoin reserves. The company claimed to have a financing capacity of as much as $1 billion for its Bitcoin treasury and spoke openly about its ambition to acquire 10,000 BTC as soon as possible. Those plans have now come to an abrupt end.

According to official documents, the company is selling its remaining 88 Bitcoin on 29 April 2026 and using the proceeds to repay $6 million to creditors. At the same time, it is amending the terms of its financing agreement so that future proceeds from the sale of new shares may be used for investments in AI infrastructure, instead of Bitcoin.

Company now focuses on AI infrastructure

K Wave Media’s change of direction is remarkable. While the company positioned itself as an enthusiastic buyer of Bitcoin, it is now emphatically choosing a different path. The amendment to the financing agreement makes it possible to use proceeds from future share issuances for investments in AI infrastructure. All these assets serve as collateral under the security agreement.

K Wave Media’s move stands in sharp contrast to the broader trend in which companies worldwide are adding more Bitcoin to their balance sheets. The Bitcoin price is currently at $60.353, an increase of 2.9% in the past 24 hours. Earlier we already saw that Bitcoin ETF outflows in 2026 exceed the 100,000 BTC mark, which shows that sentiment around institutional Bitcoin positions is under pressure.