Datavault AI Shares Dropped 50% Due to Bitcoin Issues

Datavault AI shares plunged 50% after admitting issues with accessing Bitcoin on the Biconomy exchange.

SEC Report

In a filing with the U.S. Securities and Exchange Commission (SEC), Datavault AI reported that it has been unable to withdraw corporate BTC from the Biconomy exchange for over four months. The bitcoins were added to the company's balance sheet as part of a $150 million deal with Scilex Holding in September 2025. As payment for shares and warrants, Datavault received approximately 1,309 BTC from Scilex into its Biconomy account.

Asset Issues

The company does not control the private keys and has no access to the funds. The audit committee concluded that these bitcoins do not meet the criteria for recognizing digital assets under U.S. Generally Accepted Accounting Principles (GAAP). The company must now reclassify the amount as subscription receivables, which will reduce shareholders' equity.

Financial Consequences

Following the adjustment, Datavault's asset value will decrease by approximately $92.2 million as of the end of 2025 and by $49 million as of June 2026. Additionally, the company stated that several previously published financial reports for the period from Q3 2025 to Q2 2026 should no longer be considered reliable.