A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in

A notable development has hit the crypto markets. K Wave Media has become a new case study for corporate Bitcoin trade stress. In a June 30 Form F-3, the Nasdaq-listed company disclosed that it sold all of its Bitcoin holdings on May 6 and said the sale generated aggregate proceeds of $64. The filing also said K Wave had liquidated 88 Bitcoins under an April 29 amendment to its securities purchase agreement with Anson Funds and used part of the transaction to repay $6 million of initial notes.

The filing frames the sale through financing, collateral and strategic-priority disclosures rather than an explicit forced-sale statement. Its value lies in the mechanics it exposes: a Bitcoin balance sheet can shift from a permanent reserve narrative to a liquid asset when financing priorities change. K Wave said the treasury strategy was halted while it focused on AI infrastructure, even as the company said it had not entirely abandoned the plan.

Market Dynamics

That distinction puts the company’s financing documents, collateral language and Nasdaq compliance problems in the foreground. For investors who have rewarded public companies for announcing Bitcoin purchases, K Wave is the reverse case. The filing points to a fragile version of the treasury trade, where the key question is whether a company’s capital structure allows it to keep holding when debt, collateral, and listing rules become more stringent.

The filing moves Bitcoin from treasury story to balance-sheet story K Wave's Bitcoin plan started with financing capacity. A June 2025 filing described a standby equity purchase agreement with Bitcoin Strategic Reserve KWM LLC that gave the company the right to sell up to $500 million of ordinary shares, subject to conditions. Later registration materials stated that proceeds from sales to Bitcoin Strategic were expected to be used primarily for working capital, general corporate purposes, and the implementation of the company's treasury strategy.

The June 30 F-3 shows how far that structure had moved by 2026. K Wave disclosed that it had entered into a securities purchase agreement with Anson Funds in July 2025, under which the company agreed to issue senior secured convertible notes and warrants. The initial closing generated $15 million in gross proceeds through notes and warrants.

Market Impact

The structure also contemplated potential additional notes and warrants, subject to conditions. The April 29 amendment is the turning point. According to the F-3, K Wave liquidated 88 Bitcoin held in its treasury and repaid $6 million of the initial notes.

The same amendment allowed proceeds from future sales of additional securities under the Anson agreement to be used for AI infrastructure assets. Those AI infrastructure assets would then become collateral under the company's security agreement. The market-structure point is straightforward: the Bitcoin treasury sat on a public company's balance sheet that also included convertible debt, warrants, futures securities sales, collateral rights, and a new business plan built around AI infrastructure.

The company also said in the filing that it sold all of its Bitcoin holdings on May 6. The filing presents the $64. 2 million proceeds figure separately from the 88 BTC liquidation disclosure, so the number is best read as the company's stated aggregate proceeds rather than independent price math.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.