K-Pop Giant Dumps $485M Bitcoin Bet, Sparks 23% Stock Crash

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DEV Community·MLXIO·28 days ago

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K Wave Media scrapped its $485M Bitcoin treasury plan, pivoting to AI and triggering a 23% stock plunge and $600M market cap loss.

K Wave Media Abandons Bitcoin Treasury Plan, Shifts $485 Million to AI Infrastructure
K Wave Media’s stock cratered 23% in early trading after the company torched its $485 million Bitcoin treasury plan and rerouted the cash into AI infrastructure. The S...
CEO Han Soo-jin called the pivot “an urgent realignment” in a statement, arguing that AI offers “more immediate and scalable value creation for shareholders.” The Bitc...
The company now plans to build proprietary AI models and data centers targeted at music production and fan engagement, but has not yet detailed execution timelines or ...

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