Popular K-pop company behind BTS merch sells all its Bitcoin

The "Bitcoin Treasury" dream is a trap for companies facing real financial pressure. K Wave Media just dumped its entire BTC stash—abandoning a 10,000 BTC goal—just to pay a $6M debt and avoid a Nasdaq delisting. Despite the hype around BTC as a reserve asset, it was the first thing sacrificed to avoid a 12% interest penalty, with the company pivoting to AI infrastructure instead. Is a Bitcoin treasury actually a viable long-term strategy, or is it just a desperate gimmick?
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