K Wave Media, a Nasdaq-listed company associated with K-Pop, has announced a strategic shift from traditional Korean entertainment to AI infrastructure. The board approved reallocating $485 million from Anson Funds, initially intended for Bitcoin treasury strategies, to invest in data centers, computing power, and key AI technologies. Additionally, K Wave will sell its largest wholly-owned subsidiary, Play Co., Ltd., back to its original owner to remove $48 million in debt from its balance sheet. Following these announcements, K Wave's stock plummeted nearly 25% on Monday, closing at $0.307.