A holding firm focused on K-pop and K-drama has ditched plans to invest in Bitcoin and is now pivoting to become an AI and data center firm, partnering with a large Korean asset management firm.

Nasdaq-listed firm K Wave Media (KWM) this month announced that it has entered into a strategic partnership agreement with IGIS Global Properties LLC to support the deployment of up to $2 billion into AI infrastructure opportunities over the next 2 years.

IGIS Global is a US-based subsidiary of IGIS Asset Management Co., Ltd., a South Korean asset manager with more than $50 billion under management.

Under the agreement, IGIS Global will source and evaluate AI infrastructure and data center opportunities across the United States and internationally, and will co-invest in K Wave-led projects.

“This partnership with IGIS Global provides the institutional backbone to execute our AI infrastructure strategy at scale,” said Ted Kim, K Wave Media CEO. “IGIS Global brings deep experience in global real assets and data center investments, along with the sharing of its existing pipeline of data center projects. We are building a scalable AI infrastructure platform backed by institutional capital and global sourcing capabilities.”

K Wave (formerly K Enter Holdings) was originally set up as a holding company focused on South Korean drama and pop music, with an internal drama production team and controlling interest in six diversified entertainment operating companies.

The firm went public in 2025 after a SPAC merger with Global Star Acquisition Inc. and subsequently acquired a visual effects studio, followed by an AI language and software development company earlier this year.

Shortly after going public, K Wave announced plans to invest in cryptocurrency and adopt a “Bitcoin-centric digital asset treasury strategy” alongside its entertainment investments.

However, K Wave recently announced plans to instead launch a new AI infrastructure platform, securing $485 million in debt from Anson Funds that was previously set to fund the company’s Bitcoin treasury strategy. As part of the move, the company is divesting many of its legacy holdings and intends to rebrand as Talivar Technologies.

“This marks a defining inflection point for KWM,” CEO Kim said at the time. “By exiting our legacy business, eliminating nearly all liabilities, and securing significant access to capital, we are positioning the company to become a meaningful participant in the rapidly growing AI infrastructure sector. Our goal is to build a scalable platform across data centers, compute, and critical AI technologies.”

But it appears that K Wave has not given up entirely on K-pop. K Wave subsidiary Play Company Co. signed a deal with K-pop giant HYBE last month whereby it would distribute concert merchandise for several of the company's artists, including boy groups BTS, Seventeen, Tomorrow X Together, and girl group Le Sserafim.

Founded in 2010, IGIS is South Korea's largest real estate asset manager. The company has previously partnered with LG on data center projects and sold a facility outside Seoul to Macquarie in 2024. Last year, the firm broke ground on a new 40MW data center in Ansan.

“We are pleased to partner with K Wave as it builds a scalable platform focused on AI infrastructure,” said Sunho Song, CEO and managing member of IGIS Global. “Demand for high-quality data center and compute infrastructure continues to grow globally, and we believe this partnership combines KWM’s capital markets platform with IGIS’s experience in sourcing, underwriting, and managing real assets. Together, we see a compelling opportunity to deploy capital into infrastructure assets with strong long-term fundamentals. We have successfully built hyperscale data centers in Korea and would like to replicate our success in the US and international markets in partnership with KWM.”

K Wave isn’t the only company to look towards the AI and data center sector in recent years, despite a lack of relevant history.

Shoemaker Allbirds recently announced plans to sell its core business and pivot to AI, renaming itself NewBird AI in the process.

A Taiwanese whiskey importer, a recruitment website, a Singaporean healthcare company, an Indian TV production firm, a Chinese car loan financing company, an aviation operator, and an owner of Hard Rock Cafe franchises in Malaysia have all looked to move into the space.