Bitcoin Treasury Datavault AI Says It Can’t Access Its BTC, Stock Tanks

In brief

• Datavault AI shares fell 49.55% to $0.067 on Oct. 27 after an SEC filing said the company has been unable to complete a June request to withdraw Bitcoin from Biconomy.
• The company will restate four financial reports, cutting reported assets by up to $92.2 million, after reclassifying Bitcoin from a $150 million Scilex stock deal as a subscription receivable.
• Management is reassessing its going-concern status because it had counted the Bitcoin as a source of liquidity and says collecting what Scilex owes is uncertain.

Datavault AI shares fell more than 50% on Tuesday to close at $0.06, after the Nasdaq-listed company disclosed that it has been unable to withdraw Bitcoin from the crypto exchange Biconomy since June. The company also said four sets of its financial statements can no longer be relied upon.

The disclosure came in a Form 8-K filed Oct. 26, in which Datavault said it requested a withdrawal to an external account in June and has been “unable to complete the withdrawal.” The filing does not explain what is holding it up.

The Bitcoin traces to a Sept. 25, 2025, agreement in which Scilex Holding, a pain-medicine company, agreed to pay $150 million in Bitcoin for 15 million Datavault shares and a pre-funded warrant covering another 263.9 million shares. A pre-funded warrant is a right to buy stock in which nearly the whole price is paid upfront.