[Digital Today reporter Chi-gyu Hwang (황치규)] As the downturn in the cryptocurrency market drags on, at least 12 digital asset treasury companies (DAT) have shifted their businesses to AI data centres and other areas in recent months, but results appear to be unimpressive so far.
According to a recent Bloomberg report, shares of K Wave Media, which has shifted from a bitcoin-holding strategy to data centre development, have fallen about 71 percent since the pivot in May.
Shares of Rigst BioTechnology, which merged with a battery company, have also fallen about 33 percent. Alphatone Capital, which held altcoins and changed its name to Alpha Compute, has likewise seen its share price fall by about 33 percent.
Law firms that have supported DAT companies with listings and establishment work say the DAT boom has cooled noticeably. They predicted more companies will shift direction to new businesses such as AI and data centres, aerospace and small modular reactors (SMR).
Chi-gyu Hwang
delight@d-today.co.kr