# EDGAR Filing Document

**Accession Number:** 0002000756
**File Stem:** 0000000000-25-009184
**Filing Date:** 2025-8
**Character Count:** 11865
**Document Hash:** 1b50c11da26b472a083895b7ddd3c4e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009184.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0000000000-25-009184

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250827

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** K Wave Media Ltd.
- **CENTRAL INDEX KEY:** 0002000756
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ALLIED TO MOTION PICTURE PRODUCTION [7819]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289396

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 121 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 904 665 3610

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 121 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001829126-25-005947

## Text-Extract

```

                                                             August 27, 2025

Ted Kim
Chief Executive Officer
K Wave Media Ltd.
121 South Church Street
George Town, Grand Cayman
KY1-1104
Cayman Islands

       Re: K Wave Media Ltd.
           Registration Statement on Form F-1
           Filed August 8, 2025
           File No. 333-289396
Dear Ted Kim:

       We have conducted a limited review of your registration statement and
have the
following comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form F-1 filed August 8, 2025
Prospectus Summary
The Standby Equity Purchase Agreement, page 4

1.     While you state here that the company may sell "up to $1 billion of its
Ordinary
       Shares" to Bitcoin Strategic under the SEPA, your current report on Form
6-K filed
       June 4, 2025 and the preambles of the SEPA filed as Exhibit 99.8 refer
to sale of "up
       to $500 million" of ordinary shares. Please clarify so that investors
understand the full
       extent of amounts that may be used for the purchase of bitcoin.
Additionally, in the
       context of expanded disclosure regarding the development and specifics
of your
       digital asset treasury strategy, please disclose more prominently that
the controlling
       person of Bitcoin Strategic, Stephen Drew, is a related party. Disclose
whether there
 August 27, 2025
Page 2

       are any affiliations between the selling shareholders in the offering
and the company,
       the SEPA investor, or any other third parties involved in your bitcoin
treasury
       strategy.
The Securities Purchase Agreement, page 4

2.     Please disclose more prominently, if true, that the notes and
obligations of the
       company under the SPA are collateralized by a security interest in the
bitcoin
       purchased with proceeds from the SPA, and disclose risks associated with
this
       collateral structure. We also note from Section 4.9 of the SPA that all
proceeds must
       be "deposited into the Cash Collateral Account" and are subject to
release only under
       certain circumstances, as well as your statement at page 92 that
$3,179,891 is held "in
       a custodian account which is jointly managed by the Company and the
Selling
       Shareholders." Please explain how the company intends to "use the
remaining
       proceeds [it] receive[s] from the sale of the SPA Notes and the SPA
Warrants for
       working capital and other general corporate purposes" in light of the
requirement that
       all proceeds be deposited into a separate collateral account.
3.     We note your statement that the SPA Notes are convertible at a
conversion price of
       $4.40 per ordinary share and the SPA Warrants are exercisable at an
exercise price of
       $3.6616 per ordinary share, in each case subject to "customary
adjustment
       provisions." Please elaborate on the adjustment provisions applicable to
the
       conversion and exercise prices. For example, disclose the "Right of
Alternate
       Conversion" provision of the notes that will allow the selling
shareholders to convert
       at a discount to market price, and that the company may "at any time
during the term
       of th[e] Warrant reduce the then current Exercise Price to any amount
and for any
       period of time deemed appropriate by the board of directors of the
Company." Provide
       risk factor disclosure that addresses in detail potential dilutive
impacts of these
       provisions and the impacts to your trading price.
Risk Factors, page 11

4.     Please revise to add separately captioned risk factors related to
bitcoin and the bitcoin
       network, as well as any material financing, liquidity, or other risks
you face related to
       the impact that a crypto asset market disruption may have, directly or
indirectly, on
       the value of the bitcoin you hold.
Use of Proceeds, page 64

5.     Refer to your statement that you may "receive up to $500 million in
aggregate gross
       proceeds under the SPA from the sales of the Second Notes and the
Additional Notes
       (if any), and up to $510,526,316 if the Initial Warrant, the Second
Warrant and the
       Additional Warrant, if any, are exercised in full into Ordinary Shares."
Please revise
       to clarify that you are registering only ordinary shares underlying the
Initial Notes,
       Second Notes, Initial Warrants, and Second Warrants at this time, and
disclose
       potential proceeds not taking into consideration any Additional Closing.
General

6.     Please add a section to your registration statement that includes a
materially complete
       description of bitcoin and the bitcoin network.
 August 27, 2025
Page 3

7.    Please elaborate on why you have opted to pursue a digital asset treasury
strategy,
      why you emphasize bitcoin, and how, if at all, such strategy and related
activities will
      impact the business operations of K Enter and the six Korean entities as
a "tech and
      IP-based diversified entertainment company." If your digital
asset-related activities
      are expected to materially impact your primary business operations or
growth
      strategies, please revise where appropriate throughout to disclose as
much.
8.    Please expand your disclosure of your bitcoin treasury strategy by
describing the
      sources of capital for your acquisition of bitcoin, including disclosure
related to the
      amount of bitcoin you intend to purchase with the proceeds of the SPA and
when you
      intend to make such purchases, the percentage of the proceeds of the SEPA
with
      Bitcoin Strategic that you intend to use to purchase bitcoin, if known,
and any other
      sources of capital you intend to use for the acquisition of bitcoin so
that investors
      understand your plans to increase your holdings of bitcoin as well as
your capital
      needs for general corporate purposes, merger and acquisition activities
and further
      expanding your content and the K-POP related businesses. In this regard,
we note that
      you currently hold 88 bitcoin, all of which are being used as collateral
for your SPA,
      and that, pursuant to the SPA, you are required to use at least 80% of
the SPA
      proceeds for the purchase of bitcoin. Disclose the aggregate purchase
price of bitcoin
      purchased to date.
9.    Please disclose your custody arrangements for your bitcoin holdings,
including the
      identity of the custodian, a description of the material terms of the
agreement with the
      custodian, the percentage of your private keys that are held in cold
storage, whether
      your assets are held in segregated accounts, the identity of the entities
that have access
      to your bitcoin holdings, whether any entity will be responsible for
verifying the
      existence of your custodied bitcoin, whether the custodian has insurance
that covers
      your custodied bitcoin, and, if so, the degree to which the insurance
protects your
      custodied bitcoin.
10.   Please expand your disclosure to describe the policies and procedures you
have in
      place or intend to adopt that govern when you exchange cash for bitcoin
and when
      you monetize your bitcoin and disclose whether you have policies or will
establish
      policies governing the percentage of your treasury holdings that will be
bitcoin. Also
      disclose the percentage of your treasury that is currently invested in
bitcoin. In
      addition, please disclose whether you intend to hedge your bitcoin
exposure, and, if
      so, please describe your hedging strategy.
11.   Please revise to disclose the material terms of your asset management and
advisory
      agreement with Galaxy Digital. We note your press release filed as
Exhibit 99.1 to the
      current report on Form 6-K filed July 22, 2025.
12.   Please revise to disclose your plans related to the yield-optimization of
your bitcoin
      holdings, including when you intend to start such activities and the
amount of bitcoin
      you intend to use for such activities. Also, add risk factor disclosure
addressing the
      risks related to such activities. Additionally, please include a brief
description of the
      Bitcoin Lightning Network, and include a materially complete description
of your
      plans to operate Bitcoin Lightning Network nodes, including when you
intend to
      begin such activities, the number of nodes you intend to operate, and
whether you
      intend to use a platform to manage your nodes.
 August 27, 2025
Page 4

13.    We note that you are seeking to register ordinary shares underlying the
Second Notes
       and Second Warrants issuable at the Second Closing contemplated by the
SPA. We
       also note that the purchaser's obligations with respect to the Second
Closing are
       subject to certain conditions related to the closing price and trading
volume of the
       company's ordinary shares. Please provide us with a detailed analysis to
support your
       conclusion that registration of shares underlying the Second Notes and
Second
       Warrants is appropriate at this time. Refer to Securities Act Sections
Compliance and
       Disclosure Interpretations Question 139.11, which states that the
investor must be at
       market risk at the time of filing of the resale registration statement
and that "closing
       conditions in capital formation transactions relating to the market
price of the
       company's securities...are unacceptable conditions."
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Rebekah Reed at 202-551-5332 or Donald Field at
202-551-3680 with
any questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Trade &
Services
cc:   Andy Tucker

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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