TechFlow, June 5 — According to The Block, Nasdaq-listed K-Pop media company K Wave Media (ticker: KWM) announced yesterday it will sell up to $500 million worth of stock to purchase Bitcoin for mergers and acquisitions and other operational purposes. KWM's stock price surged 132.39% on the day. The company stated it will hold BTC long-term and optimize returns, drawing strategic inspiration in part from Japan's Metaplanet and MicroStrategy. K Wave is among the first media-sector public companies to incorporate Bitcoin into its core financial strategy.
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