Datavault AI shares closed at $0.067 on Tuesday, down 49.55%, after a filing said the company has been unable to withdraw bitcoin from the Biconomy exchange since June. About 244 million shares changed hands, CoinDesk reports.
The bitcoin came from a September 2025 deal in which Scilex Holding bought $150 million of Datavault shares and warrants with it. Scilex credited 1,309.04 BTC to Datavault’s Biconomy account through off-chain transfers, so the balances moved inside the exchange and not on Bitcoin’s blockchain.
Datavault later sold 491.4 BTC back to Scilex for about $40.5 million in cash. A June request to withdraw to an external account “could not be completed” and was still unfinished at Monday’s filing.
The company now says the credited bitcoin should have been recorded as an amount Scilex owes for the shares, which cuts equity instead of showing as crypto assets. Reported assets will fall by $92.2 million at the end of 2025 and by $49 million at June 2026.
Datavault had counted these balances as funds available to run the business, and says it must now reassess that assumption.
Scilex’s June report describes a related chain. It sold $200 million of shares in its subsidiary Semnur to Biconomy for bitcoin, then used $150 million of that to buy Datavault securities.
Biconomy had not answered CoinDesk’s questions about the blocked withdrawal, or about what backs Datavault’s balance, by Wednesday afternoon in Asia. Until it does, the open question is whether the bitcoin credited ever existed in a form that could leave the exchange, and the filing gives no final restated figures.
