#加密市场观察 Crypto treasury firms pivot to AI as crypto market continues to slump, denting investor confidence
An increasing number of crypto treasury firms are shifting their focus to artificial intelligence, hoping to rekindle investor interest in a prolonged downturn in the digital asset market. However, this transition strategy has not yet delivered the market rebound results that many companies expected.
Why crypto treasury firms are pivoting to artificial intelligence
Digital Asset Treasury (DAT) firms hoard crypto in their balance sheets and profit from token price increases, making them one of the biggest beneficiaries of the 2024 crypto bull market. Many firms’ stock gains have significantly outpaced the performance of their own held crypto assets. But in 2026, crypto prices plunged sharply, completely reversing this trend—many treasury firms’ current market values are already below the total value of the digital assets they hold.
Faced with changing market conditions, several companies have launched strategic adjustments, positioning themselves with AI-related businesses, focusing on data center infrastructure and cloud computing. Despite these active pivots, investor enthusiasm remains subdued. Companies undertaking the transition include K Wave Media Ltd, which has shifted from holding Bitcoin to developing data centers. Since it rolled out this strategic adjustment in May, its stock price has fallen by more than 70%. Lixte Biotechnology Holdings announced plans to merge with a battery technology company; Alpha TON Capital rebranded to Alpha Compute Corp to highlight its goal of developing AI.
After the two firms released related announcements, their stock prices both dropped noticeably. Industry experts say investor attention has shifted from crypto treasury firms to AI infrastructure specialists, suggesting this wave of transition reflects a change in investor preference—not that the market has lost confidence in blockchain technology. As major tech companies such as Alphabet, Microsoft, OpenAI, and Anthropic continue investing tens of billions of dollars to build AI infrastructure, data center and high-performance computing–related firms have become the standout-performing sectors across global equity markets.
By contrast, in 2026 crypto prices have faced persistent downward pressure overall. Bitcoin is far below its all-time high, and Ethereum also saw a major pullback within the year. A weak market has significantly reduced investors’ willingness to allocate to crypto treasury firms.
A legal counsel that previously helped set up many digital asset treasury firms said client needs have changed clearly: many companies are no longer preparing crypto-related business plans, and are instead exploring commercial opportunities in AI infrastructure, cloud computing, space technology, and advanced energy solutions. While some firms have abandoned treasury operating models, analysts believe blockchain technology’s long-term value is still attracting market attention. Areas such as tokenization, blockchain payments, and digital financial infrastructure are still viewed as fields with growth potential. Bitcoin mining firms converting their compute infrastructure are taking on some AI compute tasks—some long-established Bitcoin mining companies have repurposed existing compute infrastructure to handle artificial intelligence compute demands, successfully carving out a new track. After firms such as CoreWeave, Hut 8, Iren, and TeraWulf expanded into AI-related services, they regained investor attention. Even as the AI industry continues to attract massive capital, market observers warn that simply renaming and packaging AI concepts is far from enough. As competition in tech sectors intensifies, companies need to build sustainable business models and deliver real revenue growth to win back investor trust.
