Datavault AI shares plunge nearly 50% after firm says it cannot access bitcoin
Briefing by News4U · First published
Nasdaq-listed Datavault AI (DVLT) shares plunged nearly 50% after a filing said the company has been unable to withdraw bitcoin from exchange Biconomy since June and will restate results, cutting reported assets by tens of millions of dollars, CoinDesk reported.
Datavault AI (DVLT) shares plunged nearly 50% on Tuesday after a filing revealed the company had been unable to withdraw bitcoin from crypto exchange Biconomy since June and would have to restate its financial results, CoinDesk reported. The stock closed at $0.067, down 49.55%, with roughly 244 million shares traded. [1]
The issue traces to a September 2025 deal in which Scilex Holding Company agreed to buy $150 million of Datavault shares and warrants using bitcoin. Scilex credited 1,309.04 BTC to Datavault’s Biconomy account via off-chain transfers; Datavault later sold 491.4 BTC back to Scilex for about $40.5 million in cash. A June request to withdraw the remaining bitcoin to an external account could not be completed and was still incomplete as of Monday’s filing. [1]
Datavault now says bitcoin credited through Scilex’s investment should have been recorded as an amount Scilex owed rather than as cryptocurrency assets. The 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 treated those balances as funding available to sustain operations and must now reassess that assumption. [1]
CoinDesk contacted Biconomy about the withdrawal request and the bitcoin backing Datavault’s account and did not receive a response as of Asian afternoon hours Wednesday. [1]
Sources
- Bitcoin treasury Datavault AI plunges 50% after firm says it can’t access its BTC
CoinDesk · · Full text