At least twelve companies that previously built their business model around the accumulation of digital assets have shifted their development strategy towards the artificial intelligence sector and data center infrastructure in recent months. However, according to Bloomberg, this transformation has not yet allowed investors to regain their trust. Shares of digital treasury (DAT) structures in the United States and Canada have shown a median decline of 43 percent since the beginning of this year. Many of these organizations are currently trading below the net value of their assets, prompting a number of management teams to leave the business entirely.

Specific market examples illustrate the complexities of this transition. K Wave Media Ltd, which had previously accumulated bitcoin, redirected its efforts to the development of data centers, as a result of which its quotes have decreased by 71 percent since its relaunch in May. Similarly, AlphaTON Capital, which held altcoins on its balance sheet, rebranded to Alpha Compute in April and subsequently lost 33 percent of its market value. Analysts directly attribute the weakness of the DAT sector to the unfavorable price dynamics of the underlying crypto assets. Lawyer Gregory Sichenzia noted that while last year the concept of cryptocurrencies was perceived positively by the market, in the current period it has lost its appeal among bidders.

The transition to artificial intelligence technologies looks like a logical step for corporate governance, since the main capital flows are currently directed specifically to computing infrastructure. Spending on equipment by tech giants and AI startups has made data center companies the growth leaders in major market indexes. At the same time, within the framework of the crypto industry, bitcoin miners demonstrate the most successful adaptation. Organizations such as CoreWeave, Hut 8, and TeraWulf are repurposing their capacities for cloud computing and AI tasks, which has a positive impact on their valuations. Experts emphasize that investors are not abandoning blockchain technologies completely, but are rejecting the passive digital treasury model in its current form.