A Nasdaq-listed Korean media company that once aimed to raise $1 billion to accumulate 10,000 bitcoin has now fully exited its crypto holdings, according to a recent filing, as it pivots toward AI infrastructure while battling to remain listed.
Wave Media disclosed in a June 30 SEC filing that it is seeking to raise up to $250 million from investors, weeks after scrapping its bitcoin treasury strategy that had positioned it to become a major corporate holder of the asset.
The filing is structured as a shelf registration, allowing the company to register securities in advance and issue them over time, including up to $250 million in equity, debt, and other instruments.
However, regulatory constraints for smaller issuers limit how much the company can actually sell while its public float remains under $75 million, meaning the headline figure represents a ceiling rather than immediately accessible funding.
The filing also confirms the end of its bitcoin experiment. K Wave sold 88 BTC on April 29 to repay $6 million in debt, then liquidated its remaining holdings on May 6, bringing its total crypto balance to zero. Those 88 bitcoin were originally purchased in July 2025 as the foundation of a planned accumulation strategy targeting 10,000 BTC—an objective it never meaningfully advanced.
Earlier, the company had outlined aggressive financing plans totaling up to $1 billion, including a $500 million convertible note agreement with Anson Funds and a $500 million standby equity facility tied to Bitcoin Strategic Reserve. The announcement came amid peak enthusiasm for corporate bitcoin adoption, modeled after strategies popularized by Michael Saylor, which had driven sharp gains in smaller listed firms.
That wave of enthusiasm quickly reversed. Many companies that accumulated bitcoin—or signaled plans to do so—suffered heavy losses as prices fell from October highs, with some stocks declining more than 90%, prompting widespread liquidations and strategic pivots away from crypto exposure.
K Wave followed a similar path. CoinDesk reported in May that the company redirected roughly $485 million of its Anson funding capacity away from bitcoin and toward AI infrastructure, a move that sent its stock down about 24% in a single day.
The June filing expands on that pivot, outlining plans for AI data centers and GPU computing, a proposed sale of its entertainment subsidiary to reduce roughly $48 million in debt, and a potential corporate rebrand to Talivar Technologies pending shareholder approval.
The company remains under significant pressure. Shares closed near 16 cents on June 29, and Nasdaq has issued two compliance warnings this year—first for trading below $1 and later for failing to meet minimum requirements for publicly held shares.
K Wave is also weighing a reverse stock split to lift its share price by reducing the number of outstanding shares and increasing the per-share price. The planned $250 million raise is also several times larger than the company’s current market value.
The shift mirrors a broader trend among bitcoin miners and related firms moving toward AI infrastructure. Mining companies have reportedly sold more than 15,000 bitcoin from peak holdings and signed over $70 billion in AI-related computing deals in search of more stable revenues.
One example is IREN, which has seen its stock surge more than 200% after pivoting from bitcoin mining to AI infrastructure after years of underperformance.
This broader rotation reflects capital flowing out of crypto and into AI-linked assets, a shift that has also weighed on bitcoin during a weak first half of the year.
Still, the success of these pivots remains uncertain. AI infrastructure is capital-heavy and increasingly competitive, and K Wave faces the dual challenge of raising funding while maintaining its Nasdaq listing long enough to execute its transition.
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