DAT firms pivot to AI as crypto treasury model falters

K Wave said the transformation would build a scalable platform across data centres and computing. That claim remains forward-looking. The company has not yet shown that the new business can replace the investor interest once attached to its Bitcoin plan.

Lixte entered the DAT market in 2025 by buying 10.5 BTC and 300 ETH for about $2.6 million. The company said crypto represented roughly 43.6% of its treasury and authorised an allocation of up to 50%.

In June 2026, Lixte agreed to acquire NOMAD Transportable Power Systems and said it planned to become NOMAD Power Solutions. The proposed business would provide mobile battery storage for data centres facing grid delays. Bloomberg reported that Lixte shares fell about 33% after the announcement.

AlphaTON Capital launched a Toncoin treasury strategy in September 2025, targeting about $100 million in TON and Telegram infrastructure. It rebranded as Alpha Compute in April 2026 and shifted toward GPU services, confidential computing and AI infrastructure. Bloomberg said Alpha Compute shares have fallen about 33% since the rebrand. The company has reported AI contracts and acquisitions, but a new sector label has not restored its treasury premium.

AI data centres can produce revenue through computing contracts, hosting and power supply. That differs from a treasury model that relies mainly on asset appreciation and capital-market access. Crypto miners have also moved toward AI because they already control power connections, buildings and cooling equipment.

AI infrastructure requires heavy upfront spending, electricity, specialised chips and long customer contracts. Companies that struggled to fund crypto purchases may face similar limits. Battery systems, space projects and small modular reactors also involve long development periods and regulatory risk.

Related crypto.news coverage found that the treasury-company group has shifted from accumulation toward selective asset sales. K Wave exited Bitcoin, while Empery Digital sold part of its holdings to fund an AI data-centre strategy. Some treasury stocks traded at or below their crypto asset value as investors stopped paying large premiums for the corporate structure.

The pivots do not mean every DAT will leave crypto. Larger companies may continue raising capital and holding tokens. For smaller firms, AI offers an operating-revenue story. Early share-price results show that markets still want evidence of funding, customers and execution before rewarding the change.