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Bitcoin Treasury Datavault AI Says It Can’t Access Its BTC, Stock Tanks
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- DeepHorus
Datavault AI shares plunged 49.55% to $0.067 on Oct. 27 after the Nasdaq-listed company said it could not withdraw Bitcoin from crypto exchange Biconomy. The disclosure came in an Oct. 26 SEC filing. Datavault requested an external withdrawal in June but has not completed it, without explaining the delay.
The Bitcoin stemmed from a Sept. 25, 2025 agreement with Scilex Holding. Scilex agreed to pay $150 million in Bitcoin for 15 million Datavault shares and a pre-funded warrant covering 263.9 million more shares. At $112,915.52 per Bitcoin, the deal totaled about 1,328.43 BTC.
Scilex credited 1,309.04 BTC to Datavault’s Biconomy account in September and November 2025, after a 19.39 BTC deduction for cash advances. These were off-chain transfers, so Biconomy changed internal balances rather than moving coins on the blockchain. Datavault later sold 491.431 BTC back to Scilex for about $40.5 million in cash.
Datavault concluded the Bitcoin never qualified as a digital asset it owned. It will restate four financial reports and treat the transaction as a subscription receivable. The restatements are expected to cut total assets by up to $92.2 million at the end of 2025.
The company had counted the Bitcoin as liquidity, so management is reassessing its going-concern status. Datavault also cited uncertainty over collecting amounts owed by Scilex. Its risks include Scilex’s creditworthiness, third-party custody, Nasdaq compliance, and restatement-related litigation or regulatory inquiries.
Scilex’s filing shows Biconomy’s role. It sold 12.5 million Semnur shares to Biconomy for $200 million in Bitcoin on Sept. 23, 2025, then used $150 million to buy Datavault stock. Scilex later signed a June 2026 term sheet to buy 837 BTC in Datavault’s Biconomy wallet for $50 million.
Datavault stock rebounded near $0.085 Wednesday. Scilex’s purchase remains subject to a definitive agreement. Investors now watch recovery and Nasdaq compliance.
