A Nasdaq-listed Korean media company that once planned to raise $1 billion to acquire 10,000 bitcoin has now fully exited its crypto holdings, according to a recent filing, as it shifts its focus toward AI infrastructure while fighting to maintain its stock market listing.

Wave Media disclosed in a June 30 SEC filing that it is seeking to raise up to $250 million from investors, just weeks after abandoning its bitcoin treasury strategy that had aimed to position it among the largest corporate holders of BTC.

The filing is a shelf registration, allowing the company to pre-register securities and issue them over time, including up to $250 million in equity, debt, and other financial instruments.

However, rules for smaller issuers limit how much can actually be sold while its public float remains below $75 million, meaning the figure represents a maximum ceiling rather than guaranteed funding.

The filing also confirms the full unwinding of its bitcoin position. K Wave sold 88 BTC on April 29 to repay $6 million in debt, followed by the liquidation of its remaining holdings on May 6, bringing its balance to zero. Those 88 bitcoin were initially purchased in July 2025 as the start of an ambitious plan to accumulate 10,000 BTC—an target the company never came close to executing.

Earlier, the firm had announced large-scale financing plans totaling up to $1 billion, including a $500 million convertible note facility with Anson Funds and a $500 million standby equity agreement tied to Bitcoin Strategic Reserve. The strategy came during peak enthusiasm for corporate bitcoin accumulation, inspired by approaches popularized by Michael Saylor, which helped drive sharp rallies in smaller listed companies.

That wave of enthusiasm quickly reversed. Many firms that bought or planned to buy bitcoin suffered heavy 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 the company redirected about $485 million of its Anson funding capacity away from bitcoin and toward AI infrastructure, a move that triggered a roughly 24% single-day drop in its shares.

The June filing details the company’s new direction, including investments in AI data centers and GPU computing, a planned sale of its entertainment subsidiary to reduce roughly $48 million in debt, and a potential rebrand to Talivar Technologies pending shareholder approval.

The company remains under significant 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 weighing a reverse stock split to boost its share price by reducing share count and increasing the per-share value. Notably, the planned $250 million raise is several times larger than the company’s current market capitalization.

The shift reflects a broader trend among bitcoin miners and related firms pivoting toward AI infrastructure. Mining companies have reportedly sold more than 15,000 bitcoin from peak holdings and signed over $70 billion in AI computing contracts, seeking more stable revenue streams.

One example is IREN, which has surged more than 200% after transitioning from bitcoin mining to AI data center operations following years of weakness.

This rotation underscores a wider capital shift from crypto into AI-linked equities, a dynamic that has also weighed on bitcoin during a soft first half of the year.

Still, the success of these pivots is far from certain. AI infrastructure is capital-intensive and highly competitive, and K Wave now faces the challenge of raising capital and stabilizing its listing long enough to execute its turnaround plan.