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K-pop giant plots $500M pivot that no one saw coming

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K Wave Media Ltd. (Nasdaq: KWM), a South Korean entertainment company, recently announced its plan to build a Bitcoin treasury.

On June 4 , the K-pop company announced that it has entered into a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC to sell up to $500 million of ordinary shares.

The company's stock, which debuted on Nasdaq on May 14 , jumped more than 300% following the announcement.