The MicroStrategy of Korea

Remember the time when Crocs were the universal symbol of an ugly a$$ shoe?

(I know, some people still think it’s ugly. And they’re not entirely wrong.)

But you can’t argue they haven’t become iconic. Everyone’s wearing them, they’ve done collabs with Naruto, Balenciaga, and Post Malone…

And honestly…Bitcoin is kinda the Crocs of finance.

This might sound offensive now that I think about it. But hear me out.

People used to clown on BTC. Now, though? Eeeveryone wants a piece. Just look at how fast companies are adopting it.

The latest to join the club? K Wave Media – a South Korean entertainment company that makes K-content, sells K-pop merch, and invests in Korean film and music projects.

They signed a deal to raise up to $500M and put it toward… you guessed it – Bitcoin.

And they’re not just gonna invest – they’re going all-in:

• Holding BTC in their treasury;

• Using BTC yields to buy more BTC;

• Letting fans buy content and K-pop merch with Bitcoin.

Basically, they want to be the “Metaplanet of Korea.”

(If you haven’t been following, Metaplanet is a BTC treasury company that people call the “Strategy of Japan” – Strategy being Michael Saylor’s BTC treasury company.)

So… does that make K Wave… the Strategy of Japan of Korea? We’ll let you untangle that one.

Uhh, anyways. Speaking of Metaplanet…

They bought another 1,088 BTC this week at an average price of $108.4K each.

This brings their total holdings to over 8,888 BTC and makes them the 8th-largest corporate holder of Bitcoin worldwide.

Which is cool and all…

But BTC maxi Max Keiser isn’t fully sold on this new wave of corporate Bitcoiners.

He pointed out that Saylor has already proven his diamond hands, as he held through the brutal bear market in 2022-23 without selling a single coin.

Meanwhile, these newcomers haven’t been through that kind of pain yet.

So the question is:

Will they keep buying when the market bleeds? Or will they fold when things get rough?

Max says: probably the latter. But that’s anyone’s guess.

Oh, and before we go, if you’re wondering what all this corporate BTC stacking might actually do to Bitcoin… we covered that in a previous deep dive → check it out here.