Datavault AI Says It Can't Withdraw Its Bitcoin, Will Restate Results

Datavault AI has been unable to withdraw bitcoin from the exchange Biconomy since June and will restate results, cutting reported assets by up to $92.2 million, an SEC filing on Monday shows.

Four sets of statements "should no longer be relied upon," the company said. The shares fell 49.6% on Tuesday to about 6.7 cents, from 13.3 cents, TokenPost reported. The expected cut is $92.2 million as of Dec. 31, 2025, and $49 million as of June 30, 2026.

How the bitcoin got there

In September 2025, Scilex Holding agreed to buy Datavault stock for $150 million, paid in bitcoin (about 1,328 BTC), the filing says.

Scilex then credited 1,309.04 BTC to Datavault's Biconomy account off-chain: balances changed on the exchange's books, and nothing moved on the blockchain. Between September 2025 and January 2026, Datavault sold 491.431 of those BTC back to Scilex for about $40.5 million in cash.

In June, Datavault asked to move bitcoin to an outside account. It still hasn't happened. The filing doesn't say how much or why.

The coins become an IOU from Scilex

Datavault's audit committee decided on Oct. 20 that the bitcoin never qualified as a company digital asset. It will be booked as a subscription receivable, money Scilex owes for the shares, reducing stockholders' equity.

Because collecting from Scilex is uncertain, management is reassessing its going-concern evaluation, the filing says. No date is set for the corrected filings.

Black Mint found no public comment from Biconomy on the filing on its X account or in news coverage by 6:05 a.m. ET Wednesday.

In our opinion: An exchange balance is a promise, and the coins are only yours once they can leave. Next to check: whether the restated filings say any of it ever reached a wallet Datavault controls.