Datavault AI stock dropped by nearly half on Tuesday after the firm announced in a regulatory filing that it has been locked out of withdrawing its bitcoin from the Biconomy platform since June, forcing a revision of its past financials.
The equity finished the session at $0.067, marking a 49.55% loss as approximately 244 million shares changed hands.
This complication stems from a September 2025 deal involving Scilex Holding Company, where Scilex committed to acquiring $150 million worth of Datavault equity and warrants via bitcoin.
Scilex credited 1,309.04 BTC to Datavault’s Biconomy profile using internal off-chain ledger entries instead of on-chain transactions across the Bitcoin network. Following this, Datavault transferred 491.4 BTC back to Scilex in exchange for roughly $40.5 million in fiat currency.
However, the organization noted that a subsequent attempt to pull the funds out to an outside wallet in June failed to execute, and the transaction remained unresolved at the time of the Monday filing.
Furthermore, Biconomy played a role in providing the digital assets utilized in the transaction. Financial filings from Scilex for June indicate that the company disposed of $200 million of shares in its Semnur subsidiary to Biconomy in exchange for bitcoin, later directing $150 million of that total toward acquiring Datavault instruments.
Datavault currently indicates that the bitcoin supplied via the Scilex transaction ought to have been classified as a receivable owed by Scilex for the equities purchased. Consequently, this adjustment will lower shareholder equity rather than being categorized among Datavault digital asset reserves.
The financial correction is projected to decrease listed assets by $92.2 million concluding 2025 and by $49 million by June 2026. Datavault previously treated these bitcoin holdings as operational liquidity to fund ongoing activities, though the company must now re-evaluate that operational assumption.
CoinDesk reached out to Biconomy regarding the pending withdrawal request and the funds tied to Datavault’s account but did not get a reply by Wednesday afternoon in Asia.
Originally published at https://www.coindesk.com/markets/2026/10/28/bitcoin-treasury-datavault-ai-plunges-50-after-firm-says-it-can-t-access-its-btc.
