Another company listed on Nasdaq has announced a strategy for the acquisition of Bitcoin.

K Wave Media ( stock code KWM), a K-Pop media joint stock company listed on Nasdaq, has just announced plans to pursue a strategy of buying Bitcoin. According to a statement on Wednesday, the company intends to raise up to 500 million dollars through the sale of common stock to fund investments in cryptocurrency treasury, M&A activities, and other business operations.

"Under this initiative, K Wave will, subject to certain limitations, allocate a significant portion of the funds raised from the sale of shares to purchase, hold long-term, and optimize the yield of Bitcoin," K Wave Media said in a statement.

According to data from Yahoo Finance, KWN stock has increased by 132.39% after the announcement.

Currently, there are at least 20 companies worldwide that own at least 5 million dollars in Bitcoin on their balance sheets, indicating a trend of companies holding cryptocurrency as a strategic reserve asset is increasing. K Wave claims that they are among the "first listed media companies to integrate BTC directly into core treasury operations."

This trend is primarily driven by the success of Michael Saylor's strategy, who began purchasing Bitcoin in 2021 and is currently holding over 60 billion dollars in BTC. This year has seen the launch of numerous corporate Bitcoin treasury funds funded by debt and equity, along with similar companies established to invest in alternative assets like Ether and Solana.

K Wave also emphasized that they were inspired by Metaplanet, a Japan-based company actively investing in Bitcoin and Ether. The top leaders of K Wave "believe that a similar model — combining access to the public market with a centralized Bitcoin treasury initiative — will attract the interest of investors across Asia and globally."

Founded in 2023, K Wave Media is a diverse entertainment company based in the Cayman Islands, focusing on the rapidly growing K-Pop industry. The company produces content and merchandise related to K-Pop, leveraging the increasing influence of the industry and the loyalty of the fan community.

"By integrating BTC into our core strategy, we are reinforcing our commitment to decentralization, flexibility, and the creation of sustainable value in the future," Ted Kim, interim co-CEO of K Wave Media, said in a statement.