Okay Wave Media Inc. has introduced a $500 million convertible be aware settlement with Anson Funds to help its Bitcoin treasury technique. This financing follows an earlier $500 million standby fairness buy settlement with Bitcoin Strategic Reserve, bringing the corporate’s whole capital capability to $1 billion.
As a part of the Anson settlement, Okay Wave will problem $15 million in senior secured convertible notes and warrants within the first tranche. Below the phrases of the deal, not less than 80% of the online proceeds will probably be used to buy Bitcoin. Okay Wave confirmed it has already acquired 88 BTC.
“We imagine that this financing construction positions us to execute some of the formidable company Bitcoin accumulation methods on the planet,” stated Ted Kim, CEO of Okay Wave Media. “Our goal is obvious: to scale our holdings towards 10,000 Bitcoin as quickly as doable whereas sustaining robust investor alignment and full transparency in treasury reporting.”
The corporate additionally expects its Korean content material enterprise to learn from the technique. “We actively discover modern methods for world followers to have interaction with, eat, and even spend money on our premium motion pictures and dramas utilizing Bitcoin,” Kim added.
Amin Nathoo, CEO of Anson Funds, acknowledged: “We’re excited to associate with Okay Wave and their spectacular administration workforce as they execute on each the Okay-content and Bitcoin treasury alternatives.”
The settlement permits for the potential issuance of as much as $500 million in convertible notes and warrants, with conversion pricing set at $4.40 per share. The warrants, exercisable at $3.6616, are legitimate for 5 years. The notes mature in July 2027 and solely accrue curiosity within the occasion of default.
D. Boral Capital LLC acted because the unique placement agent for the providing.
Okay Wave Media is the primary Nasdaq-listed firm to mix Korean cultural content material with a Bitcoin treasury mannequin, aiming to create new types of engagement.