From Cryptocurrency to Artificial Intelligence, Multiple Companies Still Have Not Won Back Investor Confidence

TechFlow news, July 27, according to Bloomberg, the once-hot market for cryptocurrency reserve concept stocks has crashed, prompting a batch of companies to pivot to AI in an attempt to regain investor favor, but so far this strategy has not worked.

Among them, K Wave Media Ltd. was originally a Bitcoin accumulation company, later turning to data center development. Since launching business restructuring in May, the company's stock price has fallen 71%. Lixte Biotechnology Holdings Inc. agreed to merge with a battery company in June, and since the transaction was announced, the stock price has fallen 33%. AlphaTON Capital Corp., which previously held alternative cryptocurrencies, was renamed Alpha Compute Corp. in April, and since the rebranding, the stock price has fallen 33%.

Overall, after crypto-related narratives cooled, these companies attempted to repair market expectations by switching to the AI concept, but stock performance shows that investors have not responded positively to this transformation so far.