Crypto Treasury Firms Abandon Ship for AI
Crypto treasury firms are pivoting to artificial intelligence in an attempt to regain investor trust after a slump in cryptocurrency prices.
The model, pioneered by Strategy Inc's Michael Saylor in 2020, has seen its share prices plummet as much as 81% since then.
K Wave Media Ltd, Lixte Biotechnology Holdings Inc, and AlphaTON Capital Corp are among the dozen digital-asset treasury firms that have turned to AI-related businesses in recent months.
Despite poor stock performance, more pivots are in the works, according to law firm Renno & Co LLC, which specialises in crypto and emerging technology.
Toufic Adlouni, managing partner at Renno & Co LLC, said, 'There is a lot of interest in AI and people are going to pivot to where they think their business is going to succeed.'