Digital-Asset Treasury Firms Pivot to AI as Crypto Premiums Disappear; Treasury Stocks Down 43% in 2026

According to Bloomberg, digital-asset treasury (DAT) firms have shifted into AI-related ventures in recent months as token prices and their own valuations declined. At least a dozen such companies have made the pivot, with early results proving dismal.

K Wave Media fell 71% since pivoting to data center development in May, while Strategy's shares dropped 81% from their 2024 record. U.S. and Canadian treasury stocks tracked by Bloomberg posted a median decline of 43% this year. Bitcoin declined 49% from its October peak, while ether dropped 62% from its August 2025 record. Bitcoin miners with existing power contracts and data center infrastructure, such as Coreweave, have fared better; Coreweave's shares are up 80% since its March 2025 IPO and now valued at approximately $40 billion.