Nasdaq-listed K Wave Media is redirecting up to $485 million from its planned Bitcoin treasury strategy into AI infrastructure, including data centres, GPU compute, and acquisitions. The pivot reverses a 2025 plan to deploy a $500 million facility exclusively for Bitcoin purchases.
The shift, announced under an amended deal with Anson Funds, triggered an immediate market backlash — K Wave shares closed down 24% on Monday. The company is also planning a corporate rebrand to “Talivar Technologies,” pending shareholder approval at its annual meeting in early July.
CEO Ted Kim described the move as an ambition to become “a meaningful participant in the rapidly growing AI infrastructure sector.” The decision aligns K Wave with a broader trend of Bitcoin miners and treasury firms rotating toward AI, driven by shrinking mining margins and soaring AI infrastructure profitability.
The weighted-average cash cost to produce one Bitcoin among publicly listed miners hit approximately $79,995 in Q4 2025, while Bitcoin spent most of 2026 trading below that level. AI infrastructure contracts, by contrast, offer margins above 85% with multi-year revenue visibility — a compelling alternative for capital-heavy operations looking for stability.
