✓ Verified by 3+ outlets BTC
Datavault AI stock halves after it says it hasn't been able to withdraw bitcoin from Biconomy since June
Summary
Shares of Datavault AI (DVLT) fell nearly 50% on Tuesday after the company disclosed it has been unable to withdraw bitcoin from crypto exchange Biconomy since June and will restate its financial results, CoinDesk, The Block and Decrypt reported.
The bitcoin came from a September 2025 deal in which Scilex Holding Company agreed to buy $150 million of Datavault shares and warrants, paid in bitcoin, according to both outlets.
CoinDesk said Scilex credited 1,309.04 BTC to Datavault's Biconomy account through off-chain transfers inside the exchange, and Datavault later sold 491.4 BTC back to Scilex for about $40.5 million in cash.
Datavault now says the bitcoin should have been booked as an amount owed by Scilex, cutting reported assets by $92.2 million at the end of 2025 and by $49 million as of June 2026, CoinDesk reported.
Updates
- Update, : Decrypt reports Datavault is reassessing its going-concern status, that Scilex agreed in June to buy the 837 BTC in Datavault's Biconomy wallet for $50 million, and that DVLT bounced to near $0.085 on Wednesday. Decrypt's article body puts Tuesday's close at $0.06, while CoinDesk and Decrypt's own summary give $0.067.
Key facts
- DVLT closed at $0.067, down 49.55%, on roughly 244 million shares traded, CoinDesk said.
- Datavault's withdrawal request to an external account in June could not be completed and was still incomplete as of Monday's filing, per CoinDesk.
- Scilex's June financial report says it sold $200 million of shares in its subsidiary Semnur to Biconomy for bitcoin, then used $150 million to buy Datavault securities, CoinDesk reported.
- Datavault had counted the bitcoin as funding available to keep the business running and must now revisit that assessment, CoinDesk said.
- CoinDesk said Biconomy did not respond to questions about the withdrawal request as of Asian afternoon hours Wednesday.
- The disclosure came in a Form 8-K filed Oct. 26 that does not explain what is holding up the withdrawal, and four sets of Datavault's financial statements can no longer be relied upon, Decrypt reported.
- Management is reassessing the company's going-concern status, and the filing says collecting what Scilex owes is uncertain, according to Decrypt.
- On June 24, 2026, Scilex signed a binding term sheet to buy the 837 BTC held in Datavault's Biconomy wallet for $50 million, subject to a definitive agreement, with $30 million upfront and the rest in quarterly installments through Dec. 31, 2028, Decrypt reported.
- Decrypt said DVLT bounced to near $0.085 on Wednesday and that Datavault has not said when it will file the restated statements.
Related stories
- Bitcoin drops below $72,000 as spot ETFs bleed $1.44 billion in five days and BlackRock's IBIT loses $2 billion in nine
- Bitcoin treasury firm Nakamoto owes Kraken $165 million, more than its market value, as Q3 operating revenue turns negative
- Binance sets aside $6.34 billion to cover record hack as TRM and Chainalysis tie it to North Korea's TraderTraitor