K-Pop media company K Wave's stock price soared more than 130% after announcing a bitcoin purchase plan

PANews
PANews
BTC+0.76%

PANews reported on June 5 that, according to The Block, K Wave Media (code KWM), a NASDAQ-listed K-Pop media company, announced yesterday that it would sell up to $500 million in shares to buy bitcoin for mergers and acquisitions and other operational purposes. KWM shares are up 132.39% on the day. The company said that it will hold and optimize BTC returns for a long time, and the strategic inspiration comes in part from Metaplanet and MicroStrategy in Japan. K Wave is one of the first publicly traded media companies to incorporate Bitcoin into their core financial strategy.

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