Datavault AI Shares Plunge 50% After Firm Discloses Inability to Withdraw Bitcoin From Biconomy

Datavault AI shares fell more than 50% on Tuesday to close at $0.06 after the Nasdaq-listed company disclosed it has been unable to withdraw Bitcoin from crypto exchange Biconomy since June. The company also said four sets of financial statements can no longer be relied upon. In a Form 8-K filed Oct. 26, Datavault said it requested a withdrawal to an external account in June and has been "unable to complete the withdrawal," without explaining the holdup. The Bitcoin traces to a Sept. 25, 2025 agreement in which Scilex Holding agreed to pay $150 million in Bitcoin for 15 million Datavault shares and a pre-funded warrant covering another 263.9 million shares — roughly 1,328.43 BTC at $112,915.52 per coin. Datavault concluded the Bitcoin never qualified as a digital asset of the company and will book the deal as a subscription receivable, reducing stockholders' equity. Restatements are expected to cut total assets by $8.1 million as of Sept. 30, 2025, $92.2 million at the end of 2025, $57.1 million as of March 31, and $49 million as of June 30. Management is reassessing whether the company can continue as a going concern. Datavault stock bounced to near $0.085 on Wednesday.