Datavault AI shares halve after it says it cannot withdraw the bitcoin behind a $150 million share deal and pulls a year of financial statements

Datavault AI lost about half its market value on Tuesday after telling investors it cannot get at bitcoin it had counted as an asset. In a Form 8-K filed with the SEC on Monday, the company said it asked in June to withdraw bitcoin from its wallet at Biconomy to an external account and, as of the report, had been unable to complete the withdrawal. The filing gives no reason.

The coins trace back to a September 25, 2025 agreement under which Scilex Holding agreed to buy 15 million Datavault shares and a pre-funded warrant for about 263.9 million more for $150 million, paid in bitcoin at a spot price of $112,915.52. Scilex credited 1,309.04 BTC to the Biconomy wallet through an off-chain transfer, and Datavault sold 491.431 BTC back to Scilex for about $40.5 million in cash between September 2025 and January 2026.

Datavault's audit committee concluded on October 20 that the bitcoin never met the test to be recognized as a company digital asset. It will instead be booked as a subscription receivable that reduces shareholders' equity, cutting reported total assets by $92.2 million at the end of 2025 and $49 million at June 30, 2026. Management is reassessing whether the company can continue as a going concern, since it had treated the bitcoin as a source of liquidity, and says collecting from Scilex is uncertain.

The Block reported DVLT closed near $0.067, down 49.6%. Datavault has not set a date for the restated filings. The Block said it had sought comment from both companies.