K Wave Media has reached a $500 million convertible bond agreement with Anson Funds, intending to use 80% to purchase BTC.

July 10, According to GlobeNewswire, K Wave Media Inc. (NASDAQ: KWM) today announced that it has entered into a convertible bond agreement with Anson Funds. Under the agreement, Anson will provide up to $500 million in financing support, with KWM committing to use at least 80% of the net proceeds to purchase Bitcoin ($BTC).

The first tranche of financing will be issued and sold to Anson Investments Master Fund, LP and Anson East Master Fund LP through a securities purchase agreement, totaling $15 million in senior secured convertible bonds and warrants. [BlockBeats]