K Wave Media, a Nasdaq-listed South Korean media company, has abandoned its Bitcoin treasury strategy and will instead focus on building artificial intelligence infrastructure. At the same time, the company filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $250 million through a securities offering.
According to CoinDesk, the company disclosed in SEC filings that it fully exited its Bitcoin holdings in the spring of 2026. On April 29, it sold 88 BTC to repay $6 million in debt, and on May 6, it liquidated its remaining Bitcoin holdings.
Following the sale, the company's Bitcoin treasury fell to zero.
K Wave launched its Bitcoin treasury strategy in July 2025 with the purchase of those 88 BTC, saying it was inspired by Michael Saylor's approach. At the time, the company said it planned to accumulate up to 10,000 BTC and had access to as much as $1 billion in financing. That plan was never realized.
Pivot to AI
K Wave now plans to invest in AI data centers and computing infrastructure, including GPU clusters.The company also intends to sell its core entertainment business to reduce debt by about $48 million and will rebrand as Talivar Technologies.
Despite the strategic shift, K Wave continues to face financial challenges. Its shares trade well below $1, and Nasdaq has twice warned the company that it no longer meets the exchange's listing requirements.
AI becomes the new focus
K Wave's exit from its Bitcoin treasury reflects a broader trend that has also emerged across parts of the crypto industry.More companies are shifting investment away from Bitcoin mining and treasury strategies toward AI infrastructure searching for more stable revenue streams. Analysts caution, however, that competition in the AI sector remains intense, and the success of such transitions is far from guaranteed.
BitGo recently adopted a similar approach, cutting 15% of its workforce to focus resources on AI infrastructure, stablecoins, trading services, and payments. The company said the restructuring reflects changing priorities across the digital asset industry.
Earlier, Strategy announced a $1 billion repurchase program for its digital credit securities following a sharp decline in MSTR and STRC.
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