A struggling Nasdaq-listed company that tried to copy Saylor's Bitcoin playbook is completely dumping crypto for AI

Markets A struggling Nasdaq-listed company that tried to copy Saylor's Bitcoin playbook is completely dumping crypto for AI The Nasdaq-listed Korean media company once lined up $1 billion in financing to buy 10,000 bitcoin. A recent filing confirms its balance is now zero as it pivots to AI infrastructure and fights to stay listed. By Shaurya Malwa | Edited by Aoyon Ashraf Updated Jul 2, 2026, 1:05 p.m. Published Jul 2, 2026, 12:10 p.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show K Wave Media filed a shelf registration with the SEC to potentially raise up to $250 million in securities, even though its small public float limits how much it can actually sell at any given time. The company has fully exited its high-profile bitcoin treasury plan, liquidating all of its holdings and redirecting hundreds of millions of dollars in planned financing toward AI data centers and GPU computing. K Wave, which plans to rebrand as Talivar Technologies and may pursue a reverse stock split, faces Nasdaq delisting risks as it seeks to fund an AI pivot that is capital-intensive and faces stronger competitors. K Wave Media, a Nasdaq-listed Korean media company, has filed to raise up to $250 million from investors, according to a June 30 filing with the U.S. Securities and Exchange Commission, weeks after abandoning a bitcoin treasury plan that once aimed to make it one of the largest corporate holders of the token. The filing is a shelf registration, which lets a company register a pool of securities now and sell them in pieces over time, in this case up to $250 million in shares, debt and other instruments. A rule for smaller companies caps how much K Wave can actually sell while its public float stays below $75 million, so the figure is a ceiling rather than a sum it can raise at will. It also confirms the end of the company's bitcoin experiment. K Wave liquidated 88 bitcoin on April 29 to repay $6 million of debt, the filing shows, and sold its remaining holdings on May 6, taking its balance to zero. Those 88 coins were the symbolic purchase it made in July 2025 to start a treasury it said would grow to 10,000 bitcoin, a target it never came close to reaching. The ambition was large at the outset. K Wave said last year it had secured up to $1 billion in financing capacity, split between a $500 million convertible note deal with Anson Funds and a $500 million standby equity agreement with Bitcoin Strategic Reserve. The announcement came as buying bitcoin for the balance sheet had become the biggest hype, similar to Michael Saylor's playbook, which saw share prices of these smaller companies surging. The hype unraveled within less than a year. Most of the companies that bought or said they will buy bitcoin lost significant value as the bitcoin price crashed from October's all-time high, with some companies losing more than 90% of their peak stock value. This led most of these firms to sell their bitcoin and seek other ways to survive. A similar path played out for K Wave. CoinDesk reported in May that K Wave was redirecting about $485 million of the Anson capacity away from bitcoin and into AI infrastructure, sending its stock down about 24% in a day. The June filing fills in the rest. The company is pursuing data centers and GPU computing, the specialized chips used to train AI, plans to sell its main entertainment subsidiary to cut about $48 million in debt, and will ask shareholders next week to approve a new name, Talivar Technologies. It is moving from a weak position. Shares closed near 16 cents on June 29, and Nasdaq has twice warned the company this year that it no longer meets listing rules, in January for trading below $1 and again in June because its publicly held shares are worth less than the $15 million minimum. K Wave is considering a reverse stock split, which combines shares into fewer, higher-priced shares to raise the quoted price. The $250 million it hopes to raise is many times its entire market value. The retreat fits a pattern followed by bitcoin miners. These firms have sold more than 15,000 bitcoin from peak holdings and signed over $70 billion in AI computing contracts, chasing steadier margins than mining offers, and treasury companies are now joining that rotation. And it worked for some of the struggling miners, as their stock rallied from their lows. For example, IREN, a previously bitcoin mining company that pivoted to AI, saw its shares surge more than 200% after languishing since 2022. It is the same shift of money out of crypto and into the AI trade that has weighed on bitcoin through a losing first half. Whether the switch works remains unproven so far. AI infrastructure is capital-heavy and crowded with better-funded rivals, and K Wave has to stay on Nasdaq long enough to spend what it raises. Latest Crypto News 1 U.S. payroll growth slowed sharply in June, with only 57,000 jobs added 28 minutes ago 2 Three years after MiCA became law, Europe's crypto framework is undergoing a rethink 1 hour ago 3 Warsh's comments set the stage for U.S. jobs data to ignite bitcoin, gold rally 1 hour ago 4 Smaller tokens lead as bitcoin, sol rally in 'first real bounce of the selloff' 1 hour ago 5 Bitcoin rises 4% to above $61,000 as inflation fears soften 2 hours ago 6 ChatGPT developer OpenAI said to discuss offering U.S. government a 5% stake: FT 3 hours ago 7 Live markets: bitcoin rises above $61,000 as U.S. jobs data for June disappoints 3 hours ago 8 Metaplanet buys another $170 million of bitcoin expanding treasury to 43,000 BTC 4 hours ago 9 Taiko fully restores cross-chain bridge just 10 days after a $1.7 million hack 4 hours ago 10 Solana launches onchain governance and sets entry fee at 100,000 SOL staked 5 hours ago Latest Research Building the Zcash Machine: Tachyon and Quantum Readiness Building the Zcash Machine: Tachyon and Quantum Readiness Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. By CoinDesk Research Jun 30, 2026 Commissioned by GenZcash Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. Why it matters : Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold. View Full Report More From Markets U.S. payroll growth slowed sharply in June, with only 57,000 jobs added Smaller tokens lead as bitcoin, sol rally in 'first real bounce of the selloff' Bitcoin rises 4% to above $61,000 as inflation fears soften