Bitcoin treasury Datavault AI plunges 50% after firm says it can’t access its BTC

Datavault AI shares dropped nearly 50 percent on Tuesday following a disclosure that the firm could not retrieve its Bitcoin from Biconomy.

The company stated that an accounting adjustment will reduce reported assets by $92.2 million at the close of 2025 because the Bitcoin held on Biconomy could not be withdrawn.

Datavault AI (DVLT) shares fell almost 50% on Tuesday after a filing revealed an inability to withdraw Bitcoin from the crypto exchange Biconomy since June, necessitating a restatement of financial results.

The stock concluded at $0.067, marking a 49.55% decline, with approximately 244 million shares traded.

The issue stems from a September 2025 arrangement with Scilex Holding Company, which committed to acquiring $150 million worth of Datavault shares and warrants using Bitcoin.

Scilex deposited 1,309.04 BTC into Datavault’s Biconomy account via off-chain transfers, meaning balances shifted within the exchange rather than via the Bitcoin blockchain.

Datavault subsequently sold 491.4 BTC back to Scilex for around $40.5 million in cash, but the transfer stalled when a withdrawal to an outside account was requested in June, as noted in Monday's filing.

Scilex’s June financial report indicated it traded $200 million of its Semnur subsidiary shares to Biconomy for Bitcoin, subsequently using $150 million to purchase Datavault securities.

Datavault now contends the Bitcoin from Scilex's investment should be recorded as a receivable owed by Scilex, which lowers shareholders’ equity instead of showing up as cryptocurrency assets.

This correction is projected to decrease reported assets by $92.2 million by the end of 2025 and $49 million as of June 2026.

Datavault had previously treated those Bitcoin holdings as operational funding, but the unresolved withdrawal forces a reassessment of that premise.

The restatements are anticipated to reduce total assets by $8.1 million as of Sept. 30, 2025, alongside the figures mentioned for the end of 2025 and June 2026.