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The Bitcoin Treasury Company train is showing no signs of slowing. The latest to jump on the bandwagon is an entertainment firm focused on producing K-pop music and related merchandising.

K Wave Media (NASDAQ:KWM) said on Wednesday that it agreed to sell $500 million worth of ordinary shares to Bitcoin Strategic Reserve KWM, vowing to commit a significant portion of the proceeds to buy Bitcoin.

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“K Wave is looking to be the ‘Metaplanet of Korea,’” the firm said, referring to the Japanese hotel management company-turned-Bitcoin-treasury firm in 2024. Metaplanet’s stock surged 2,600% within the year.

K Wave Media said it expected a similar model to resonate with investors across Asia and the world. Indeed, the company’s stock surged nearly 150% following its announcement of a Bitcoin treasury, opening at almost $5 on Wednesday after closing just below $2 on Tuesday.

Beyond purchasing Bitcoin, K Wave Media intends to become deeply involved in the blockchain ecosystem, revealing plans to operate Bitcoin Lightning Network nodes and invest in native infrastructure, with the goal of enabling customers to engage with content and purchase merchandise on the blockchain.

“Bitcoin offers not just a store of value, but a foundation for innovation, independence, and global scalability,” said Co-Interim CEO of K Wave Media Ted Kim. “This is a defining step forward for K Wave and for the future of creative finance that will further assist KWM to produce [South] Korea’s best content and help position KWM in the K POP’s entire ecosystem by allowing it to expand to concert management and music distribution, among others.”

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Standard Chartered recently estimated that approximately 61 public companies are adding Bitcoin to their balance sheets in hopes of becoming proxies for the leading digital asset. The bank warned that while the business model worked for now, as institutional access to Bitcoin remained limited in some regions, these companies are likely to lose their value as the asset became more normalized.