K Wave Media just became the first corporate $BTC holder to dump its ENTIRE treasury.

Let that sink in.

These companies love selling you the "strategic reserve" narrative. But the second debt covenants tighten or liquidity dries up, that reserve becomes exit liquidity.

This is the real risk no one talks about: leveraged $BTC treasuries are NOT diamond hands. They're collateral on a leash.

If you're betting on MicroStrategy clones, understand the game. When rates spike or credit markets freeze, forced sellers emerge.

K Wave just showed you the playbook.