TLDR
- Datavault AI shares fell nearly 50% on Tuesday, closing near $0.067 after the company said it cannot withdraw bitcoin tied to a $150 million deal.
- The bitcoin came from a September 2025 agreement in which Scilex agreed to buy Datavault shares and warrants for $150 million.
- Datavault has been unable to pull the bitcoin from its Biconomy exchange wallet since it first asked in June 2026.
- The company says more than a year of its financial statements can no longer be relied upon and will be restated.
- The restatements are expected to cut reported assets by $92.2 million at the end of 2025 and $49 million as of June 2026.
Datavault AI shares fell nearly 50% on Tuesday. The stock closed near $0.067, down from $0.133 the day before.
About 244 million to 250 million shares changed hands. That is roughly eight times the volume from the prior trading day.
The drop followed a Form 8-K filed with the Securities and Exchange Commission on Oct. 26. In it, the company said it has been unable to withdraw bitcoin tied to a deal with Scilex Holding Co.
How the Scilex Deal Worked
In September 2025, Scilex agreed to buy 15 million shares of Datavault common stock. It also agreed to buy a pre-funded warrant covering more than 263.9 million shares.
The price was $150 million, payable in bitcoin. The filing put the amount at about 1,328.43 BTC, at a rate of $112,915.52 per coin.
CoinDesk reported that 1,309.04 BTC was credited to Datavault’s account at the Biconomy exchange. The transfers were made off-chain, which means balances changed inside the exchange rather than on the Bitcoin blockchain.
Between September 2025 and January 2026, Datavault sold part of that bitcoin back to Scilex. The company received about $40.5 million in cash. CoinDesk said this was 491.4 BTC.
The Withdrawal Request
In June 2026, Datavault asked to move bitcoin from the Biconomy wallet to an external account. As of Oct. 26, the transfer had not been completed.
The filing did not explain why the withdrawal could not go through. Biconomy did not respond to a request for comment from CoinDesk.
Biconomy also played a part in the funding. Scilex’s June financial report says it sold $200 million of shares in its subsidiary Semnur to Biconomy for bitcoin. Scilex then used $150 million to buy Datavault securities.
Accounting Correction and Restatements
Datavault now says the bitcoin did not meet the rules for recognition as a company digital asset. The company says the amounts should have been recorded as a subscription receivable from the stock sale.
That receivable would reduce stockholders’ equity. It would not appear as a crypto asset on the balance sheet.
The company said it plans to restate the affected financial statements. It has not set a timeline for those filings.
Reported assets are expected to fall by $8.1 million as of Sept. 30, 2025, and by $92.2 million as of Dec. 31, 2025. They are expected to fall by $57.1 million as of March 31, 2026, and by $49 million as of June 30, 2026.
Datavault had counted the bitcoin as a source of cash for running the business. Management is now reviewing its going-concern assessment, and collection of amounts owed by Scilex remains uncertain.
The Block said it has contacted both Datavault AI and Scilex for comment. The latest filing, dated Oct. 26, shows the withdrawal was still incomplete.
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