Digital Asset Treasury Companies Turn to AI, But Stocks Fall Amid Crypto Downturn

According to Bloomberg, at least a dozen digital asset treasury companies have shifted to AI-related businesses in recent months as crypto prices declined, yet their stock performance remains weak. K Wave Media fell 71% since pivoting to data center operations in May, while Lixte Biotechnology dropped 33% since agreeing to merge with a battery company in June, and AlphaTON Capital (now Alpha Compute) fell 33% after rebranding in April. Bitcoin miners transitioning to AI computing infrastructure fared better: CoreWeave reached a $40 billion valuation with 80% gains since its March 2025 IPO, while Hut 8, Iren, and TeraWulf also attracted more investor attention after converting data centers for AI. Bloomberg's tracked U.S. and Canadian DAT stocks posted a median decline of 43% year-to-date, as Bitcoin fell 27% this year and Ethereum dropped 38%.
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