Bloomberg: Crypto treasury firms pivot to AI, but investors remain unconvinced

Cryptocurrency treasury firms including DAT are increasingly pivoting to artificial intelligence businesses to offset weak stock performance, but investor interest remains muted, Bloomberg reported. Many of the companies are abandoning their existing business models and moving into AI infrastructure such as data centers as sharp declines in crypto prices have pushed their share prices below the net asset value of their holdings. Since those business shifts, K Wave Media shares have fallen 71%, while Lixte Biotechnology and Alphatone Capital have each dropped 33% after announcing AI pivots. Bloomberg contrasted that with data center-related companies, which have ranked among the top performers in the S&P 500 this year amid large-scale investment from Alphabet, Microsoft, OpenAI and Anthropic. Industry observers expect more companies to shift into AI-adjacent sectors, while some also view the crypto treasury business model as effectively having reached the end of its life.