K Wave Media Pivots to AI Infrastructure, Scraps $485 Million Bitcoin Treasury Plan

K Wave Media, a Nasdaq-listed South Korean media and entertainment company, established a $500 million equity financing facility in June 2025 with plans to buy Bitcoin for its corporate treasury. Its pivot to AI less than a year later underscores a shift in capital allocation from crypto assets to data centers and computing capacity, while testing investor confidence in its ability to execute the transformation.

K Wave Media filed a Form 6-K with the U.S. SEC on May 4, 2026, amending its agreement with Anson Funds to direct the remaining facility of up to $485 million toward data centers, GPU computing and acquisitions across the AI supply chain. The restructuring also includes the sale of wholly owned subsidiary Play Co., Ltd., which is expected to eliminate about $48 million in debt and contingent liabilities. The shares closed down 24% on the day of the announcement.