A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in
K Wave Media disclosed a full exit from Bitcoin in a June 30 Form F-3, saying it sold all holdings on May 6 and received $64.2 million. The filing says 88 BTC were liquidated under an April 29 amendment to its financing deal with Anson Funds, with $6 million used to repay initial notes. It does not describe a forced sale, but it shows Bitcoin moving from “treasury reserve” to a liquid funding source as debt, collateral, and strategy changed. The company has shifted financing toward AI infrastructure, and future sales proceeds may fund that buildout, with AI assets pledged as collateral. K Wave’s capital structure includes senior secured convertible notes, warrants, default remedies, and conversion rights. Nasdaq also flagged compliance issues: a sub-$1 bid price and insufficient public float market value. The filing suggests a small public company’s Bitcoin strategy can be reversed when financing pressure, collateral terms, and listing risks intensify.
