K Wave Media Inc.(KWM), the first Korean media alliance listed on Nasdaq, has announced plans to raise up to $500 million in stock sales to fund bitcoin purchases.

"K Wave is looking to be the 'Metaplanet of Korea," said the company in a translated statement. "The Company believes a similar model — combining public market access with a focused Bitcoin treasury initiative — will resonate with investors across Asia and the globe."

K Wave said it intends to use the capital not only to acquire and hold bitcoin long-term, but also to operate Lightning Network nodes and invest in bitcoin-native infrastructure for yield optimization and decentralized transaction rewards.

KWM is higher by 155% in premarket trading.

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