K Wave Media ditches $485M bitcoin treasury plan — pivoting hard into AI infrastructure

K Wave Media, the Nasdaq-listed Korean entertainment firm, has told the SEC it is redirecting up to $485 million in remaining financing capacity away from a planned bitcoin treasury strategy and into AI infrastructure — covering data centers, GPU compute, and acquisitions under an amended deal with Anson Funds. The original $500 million facility was set up in June 2025 explicitly to accumulate BTC, at a time when bitcoin treasury announcements were reliably lifting share prices.

Investors punished the reversal swiftly: KWM shares closed down 24% on Monday and were off a further 4% in premarket Tuesday. CEO Ted Kim framed the shift as a bid to become a meaningful participant in AI infrastructure, and the company is pursuing a rebrand to Talivar Technologies pending shareholder approval in early July.

The move mirrors a broader pattern among publicly listed bitcoin miners. With the…