A stock that halves in a single day usually has a story behind it. This one is stranger than most: the Bitcoin showed up on the company's books, yet Datavault could not pull what was left of it out of the exchange.
Key points:
- Datavault AI shares closed near $0.067 on Tuesday, down about 50% from $0.133, with roughly 250 million shares traded.
- In June 2026, the company asked to withdraw Bitcoin from its Biconomy wallet, and the request was still incomplete when it filed with the SEC on October 26.
- Datavault will restate about a year of financial statements, cutting total assets by as much as about $92 million in one period.
The trouble traces back to a September 2025 deal with Scilex Holding. Under that agreement, Scilex agreed to buy 15 million Datavault shares, plus a warrant covering more than 263.9 million shares, for $150 million paid in Bitcoin. The coins were credited to a Datavault wallet at Biconomy through an offchain transfer. Between September 2025 and January 2026, Datavault sold 491.431 Bitcoin back to Scilex for about $40.5 million in cash, and the rest stayed in the Biconomy wallet.
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Why does a stuck withdrawal scare the market this much?
Datavault later decided the Bitcoin never qualified as a company digital asset on its books at all. Instead, it will record the amount as a subscription receivable from the share sale, which cuts stockholders' equity. The restatements are expected to reduce total assets by $8.1 million at September 30, 2025, by $92.2 million at December 31, 2025, by $57.1 million at March 31, 2026, and by $49 million at June 30, 2026. Management is also rethinking its going-concern view, because it had counted the Bitcoin as a source of liquidity, and it has not yet said when the revised statements will be filed.
My own read is blunt: watch the flows, not the press release. A treasury number means little if the coins cannot be moved, and right now nobody outside Biconomy can say when, or whether, this withdrawal will complete. For traders, the next signals are simple: the restated filings themselves, any statement from Biconomy or Scilex, and whether other listed firms booked similar offchain deals that could face the same question. Until then, DVLT trades on uncertainty, not on its AI business.
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— BitByLine News Desk
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Sources: The Block, Crypto Briefing