A Nasdaq-listed Korean media company that once planned 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 struggling to stay listed.
Wave Media disclosed in a June 30 SEC filing that it is seeking to raise up to $250 million from investors, coming just weeks after abandoning its bitcoin treasury strategy that had aimed to make it a major corporate holder of the asset.
The filing is a shelf registration, which allows the company to pre-register securities and issue them gradually over time, including up to $250 million in equity, debt, and other instruments.
However, regulatory limits for smaller issuers restrict how much can actually be sold while the company’s public float remains below $75 million, making the headline figure a maximum ceiling rather than immediately available funding.
The filing also confirms the complete liquidation of its bitcoin position. K Wave sold 88 BTC on April 29 to repay $6 million in debt, followed by the sale of its remaining holdings on May 6, bringing its balance to zero. The 88 BTC had originally been purchased in July 2025 as the start of an ambitious accumulation plan targeting 10,000 bitcoin—an objective it never meaningfully progressed toward.
Previously, the company had outlined large financing ambitions totaling up to $1 billion, including a $500 million convertible note facility with Anson Funds and a $500 million standby equity agreement linked to Bitcoin Strategic Reserve. The move came during peak enthusiasm for corporate bitcoin adoption, inspired by strategies associated with Michael Saylor, which helped fuel sharp rallies in smaller listed stocks.
That momentum later collapsed. Many companies that accumulated bitcoin—or announced plans to do so—suffered steep losses as prices fell from October highs, with some stocks dropping more than 90%, forcing widespread liquidations and strategic pivots away from crypto exposure.
K Wave followed the same trajectory. CoinDesk reported in May that it redirected about $485 million of its Anson funding capacity away from bitcoin and into AI infrastructure, triggering a roughly 24% drop in its share price in a single session.
The June filing outlines the company’s new direction, including investments in AI data centers and GPU computing, the planned sale of its entertainment subsidiary to reduce roughly $48 million in debt, and a proposed rebrand to Talivar Technologies pending shareholder approval.
The firm remains under pressure. Its 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 considering a reverse stock split to boost its share price by reducing the number of shares outstanding. The proposed $250 million raise is several times larger than the company’s current market capitalization.
The pivot reflects a wider trend among bitcoin miners and related firms shifting 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 revenue streams.
One example is IREN, which has rallied more than 200% after transitioning from bitcoin mining to AI data center operations following years of underperformance.
This broader rotation highlights capital moving from crypto into AI-linked equities, a shift that has also weighed on bitcoin during a weak first half of the year.
However, the outcome of these pivots remains uncertain. AI infrastructure is capital-intensive and highly competitive, and K Wave now faces the dual challenge of raising sufficient funding while maintaining its Nasdaq listing long enough to execute its turnaround strategy.
