Korean publicly traded entertainment company K Wave Media has terminated its Bitcoin treasury strategy to pivot to AI infrastructure

BlockBeats News, May 6th - According to official sources, South Korean entertainment company K Wave Media has submitted an application to the U.S. SEC to repurpose up to $485 million of the originally planned $500 million Bitcoin purchase for a total of $5 billion financing arrangement towards AI infrastructure. The funds will be used for data centers, GPU computing, and AI-related acquisitions.

The company's CEO stated that the goal is to "become a key player in the rapidly growing AI infrastructure sector" and plans to rebrand as "Talivar Technologies." However, the market has responded tepidly to this transition, with its stock price dropping 24% on Monday and an additional 4% in pre-market trading.