Bitcoin Treasury Datavault AI Says It Can’t Access Its BTC, Stock Tanks
Summary
Datavault AI shares dropped more than 50% after the company disclosed it has been unable to withdraw Bitcoin held at Biconomy since June. It will restate four sets of financial statements, saying the Bitcoin never qualified as a company asset and should instead be recorded as a subscription receivable owed by Scilex. The revisions are expected to reduce reported assets by up to $92.2 million, and Datavault is reassessing whether it can continue operating because collection from Scilex is uncertain. The Bitcoin originated in Scilex’s $150 million stock purchase; Datavault later sold some back to Scilex and agreed to a separate sale of the remaining 837 BTC. The filing did not explain why withdrawals are blocked.
