K Wave pivots from Bitcoin to AI strategy

K Wave Media is abandoning its Bitcoin treasury strategy, redirecting up to $485 million into artificial intelligence infrastructure, according to a filing with the US Securities and Exchange Commission.

The capital, previously tied to a $500 million equity facility, will now fund data centres, GPU compute operations and broader AI investments under an amended agreement with Anson Funds.

The shift marks a reversal from the company’s 2025 Bitcoin treasury plan, leaving $485 million available for redeployment into AI-related initiatives.

K Wave said the move is part of a wider restructuring that includes selling its Play Co subsidiary and reducing roughly $48 million in debt and liabilities.

Chief executive Ted Kim said:

“The company aims to become a meaningful participant in the rapidly growing AI infrastructure sector.”

The strategic pivot follows increased focus on AI across markets, as companies seek exposure to high-growth compute and data centre demand.

K Wave’s shares fell more than 28% following the announcement, reflecting investor uncertainty around the abrupt shift in strategy.

At the time of reporting, Bitcoin price was $80,193.42.