The original $500 million facility was set up in June 2025 explicitly to buy bitcoin, part of K Wave's effort to reposition itself in capital markets at a time when bitcoin treasury announcements were doing more for share prices than the underlying businesses were.
Less than a year later, that thesis has been retired in favor of a sector with newer momentum.
Investors did not love the pivot. K Wave shares closed down 24% on Monday, and are down 4% in premarket trading on Tuesday.
Chief executive Ted Kim termed the redirection as an ambition to become "a meaningful participant in the rapidly growing AI infrastructure sector," with plans to build a scalable platform across compute and related technologies.
The company is also punting on a corporate rebrand to "Talivar Technologies," pending shareholder approval at the annual meeting in early July.
The shift fits a pattern that has been quietly building for months.
CoinDesk reported in March that publicly listed bitcoin miners had collectively zoomed toward AI and high-performance computing, signing more than $70 billion in cumulative contracts and shedding over 15,000 $BTC from peak treasury levels to finance the transition. Core Scientific sold roughly 1,900 $BTC worth $175 million in January. Bitdeer drained its treasury to zero in February. Riot Platforms sold 1,818 $BTC worth $162 million in December.
The miners were forced into it, as 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 below that figure.
AI infrastructure contracts, meanwhile, promise margins above 85% with multi-year revenue visibility.
coindesk.com
