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Datavault AI falls 49.6% after bitcoin withdrawal stalls

The bitcoin treasury will restate results, cutting reported assets by $92.2 million at the end of 2025 and by $49 million at June 2026.

$92.2MReported assets cut at end-2025 by restatement

At a glance

  1. Roughly 244 million shares changed hands, CoinDesk reported.
  2. The balance traces to a September 2025 agreement under which Scilex Holding Company agreed to buy $150 million of Datavault shares and warrants using bitcoin.
  3. A balance on an exchange's ledger is a claim on the exchange, not a holding at a qualified custodian.

Datavault AI shares fell 49.55% to close at $0.067 on Tuesday after a filing showed the company has been unable to withdraw bitcoin from exchange Biconomy since June and will restate its financial results. Roughly 244 million shares changed hands, CoinDesk reported.

The balance traces to a September 2025 agreement under 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 account at Biconomy through off-chain transfers, meaning the balance changed only on the exchange's ledger. Datavault later sold 491.4 BTC back to Scilex for about $40.5 million in cash, leaving 817.64 BTC. Biconomy also supplied the bitcoin behind the investment, according to Scilex's June financial report.

A balance on an exchange's ledger is a claim on the exchange, not a holding at a qualified custodian. Datavault asked in June to move its bitcoin to an external account, and that request was still incomplete as of Monday's filing. For an RIA or family office with a digital-asset treasury, the diligence questions are where the coins sit, who controls the keys, and whether the balance has ever settled on-chain.

Datavault expects the restatement to cut reported assets by $92.2 million at the end of 2025 and by $49 million as of June 2026. The bitcoin credited through Scilex's investment should have been recorded as an amount Scilex owed for the shares, the company said, which reduces shareholders' equity instead of sitting among Datavault's cryptocurrency assets.

Datavault had treated the credited bitcoin as money available to fund operations and must now revisit that assessment, the company said.

Two-thirds of the credited bitcoin now sits at the exchange

BTC credited to Datavault's Biconomy account, sold back to Scilex, and remaining

  • Added
  • Taken away
  • Total
  • Credited off-chain by Scilex1.3K BTC
  • Sold back to Scilex−491.4 BTC
  • Still at Biconomy817.64 BTC
Source: Datavault filing via CoinDesk
Show as table
StepChangeRunning total
Credited off-chain by Scilex1.3K BTC1.3K BTC
Sold back to Scilex−491.4 BTC817.64 BTC
Still at Biconomy817.64 BTC

Reported by the Custody & Infrastructure desk from CoinDesk — Policy & Institutions. Published . Corrections

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Datavault AI falls 49.6% after bitcoin withdrawal stalls