South Korean entertainment company K Wave Media has entered into a securities purchase agreement worth up to $500 million to fund a Bitcoin-centric crypto treasury strategy.

K Wave reached an agreement with Bitcoin Strategic Reserve KWM for the sale of up to $500 million of ordinary shares to fund its Bitcoin treasury, according to a June 4 announcement.

“By embedding BTC into our core strategy, we’re reinforcing our commitment to decentralization, agility, and future-facing value creation,“ said Ted Kim, co-interim CEO of K Wave Media.

The company said it aims to become the “Metaplanet of Korea,” which saw its stock soar after adopting a similar Bitcoin-focused strategy inspired by business intelligence company Strategy (formerly MicroStrategy).

At the time of writing, K Wave Media’s stock was up 162% on Nasdaq, trading at $5.04.

Related: Metaplanet becomes 8th largest Bitcoin holder with $118M buy

Proceeds from the deal will be used to fund K Wave Media’s “Bitcoin-centric digital asset treasury strategy,” suggesting it may purchase other cryptocurrencies in addition to Bitcoin.

K Wave Media also intends to use the funds for mergers and acquisitions to expand its content and K-POP-related businesses. Still, Bitcoin is front and center of those plans:

“Under this initiative, K Wave will, subject to certain limitations, allocate a significant portion of the proceeds received from the sale of any shares under the facility to the purchasing, long-term holding, and yield optimization of Bitcoin.“

Related: Metaplanet issues $21M in bonds to buy Bitcoin, a day after $50M raise

The company also plans to operate Bitcoin Lightning Network nodes and invest in infrastructure that facilitates on-chain transaction rewards and decentralization.

K Wave Media is the latest in a growing list of public companies embracing Bitcoin as a corporate reserve asset, a trend that began with MicroStrategy in 2020 and has since gained traction among firms in Asia, including Metaplanet, according to data from Bitcoin Treasuries.

Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express