Bitcoin treasury Datavault AI plunges 50% after firm says it can’t access its BTC
Source: CoinDesk ·
From the source
The company said the accounting correction will cut reported assets by $92.2 million at the end of 2025 after bitcoin held on Biconomy could not be withdrawn. Datavault AI (DVLT) shares plunged nearly 50% on Tuesday after a filing revealed that the company had been unable to withdraw bitcoin from crypto exchange Biconomy since June and would have to restate its financial results. The stock closed at $0.067, down 49.55%, with roughly 244 million shares traded. The problem traces back to a September 2025 agreement with Scilex Holding Company, which agreed to purchase $150 million of Datavault shares and warrants using bitcoin. Scilex credited 1,309.04 BTC to Datavault’s account at Biconomy through off-chain transfers, meaning the balances changed within the exchange rather than through transactions on Bitcoin’s blockchain. Datavault subsequently sold 491.4 BTC back to Scilex for about $40.5 million in cash. But the transfer could not be completed when it requested a withdrawal to an…