Bitcoin treasury Datavault AI plunges 50% after firm says it can’t access its BTC - CoinDesk
Datavault AI shares plunged nearly 50% Tuesday after disclosing it couldn't withdraw bitcoin from Biconomy exchange since June and would restate financial results.
The company's stock closed at $0.067, down 49.55%, with roughly 244 million shares traded. The problem stems from a September 2025 agreement with Scilex Holding Company, which agreed to purchase $150 million of Datavault shares and warrants using bitcoin.
Investment dispute
Scilex credited 1,309.04 BTC to Datavault's account at Biconomy through off-chain transfers. Datavault subsequently sold 491.4 BTC back to Scilex for about $40.5 million in cash. However, the transfer couldn't be completed when Datavault requested a withdrawal to an external account in June.
The transfer could not be completed when it requested a withdrawal to an external account in June, the company said, and remained incomplete as of Monday's filing.
Financial restatement
Datavault now says the bitcoin credited through Scilex's investment should have been recorded as an amount Scilex owed for the shares. This correction is expected to reduce reported assets by $92.2 million at the end of 2025 and $49 million as of June 2026.
The company had counted those bitcoin balances as money it could draw on to keep the business running, but must now revisit that assessment. Biconomy did not respond to CoinDesk's inquiries about the withdrawal request and the bitcoin backing Datavault's account as of Asian afternoon hours Wednesday.
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