Datavault AI Shares Plunge After Losing Access to Bitcoin
Company reports inability to withdraw 1,309 BTC held on Biconomy exchange and will revise its financial statements.
Security Editor: Fabricio Marcilio 1 min read
Datavault AI shares plummeted nearly 50% last Tuesday. The drop followed the company's admission that it has been unable to withdraw its Bitcoin assets held at the Biconomy exchange since June.
The issue stems from an agreement reached in September 2025 with Scilex Holding Company. At the time, Scilex used Bitcoin to acquire 150 million dollars in Datavault stock and warrants. These transfers occurred off-chain through internal records within the Biconomy platform.
Datavault attempted to move the funds to an external wallet in June, but the request was never processed. The company now acknowledges that the amount should have been treated as a debt owed by Scilex rather than a liquid asset available for daily operations.
The accounting correction will reduce the company's reported assets by 92.2 million dollars for the end of 2025. The figure will also undergo a 49 million dollar adjustment regarding the June 2026 balance sheet.
Instability in centralized custody platforms increases liquidity risk for companies holding crypto reserves. This scenario reinforces investor caution regarding the transparency and solvency of financial intermediaries in the digital ecosystem.
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