Bitcoin treasury stock plunges 50% after firm says it can’t access its BTC
Summary
Datavault AI shares fell 49.55% to $0.067 after it disclosed that bitcoin credited to its Biconomy exchange account could not be withdrawn, a problem unresolved since June. The bitcoin came through a $150 million share-and-warrant purchase by Scilex, which transferred 1,309.04 BTC off-chain; Datavault later sold 491.4 BTC back to Scilex for about $40.5 million. Datavault now says the remaining bitcoin should have been recorded as an amount owed by Scilex, not as company crypto assets. Restating its accounts is expected to reduce reported assets by $92.2 million at the end of 2025 and $49 million as of June 2026, and prompt a reassessment of its ability to fund operations. Biconomy did not respond to a request for comment.
