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K Wave Drops Bitcoin Treasury Plan, Redirects Up to $485M Toward AI Infrastructure
K Wave dropped its Bitcoin treasury strategy and said up to $485 million from its Anson Funds facility can be redirected to AI infrastructure. The Nasdaq-listed company also approved the sale of Play Co., a move expected to remove about $48 million of debt and related contingent liabilities if shareholders approve it. K Wave shares fell more than 25% on Monday after the company detailed the strategic shift.