Datavault AI, a company listed on the Nasdaq, reported that it has been unable to withdraw its Bitcoin holdings from the Biconomy platform for four months. Following this disclosure, the company's stock price dropped by approximately 37–48%, reaching a low of around $0.07.
In an SEC Form 8-K filing dated October 26, 2026, the company stated that its financial statements for Q3 2025, full-year 2025, Q1 2026, and Q2 2026 can no longer be considered reliable. The firm plans to reclassify its Bitcoin holdings as subscription receivables rather than digital assets.
The issue stems from a September 2025 agreement with Scilex Holding Co. valued at $150 million, which initially credited 1,309.04 BTC to Datavault. After selling 491.431 BTC back to Scilex for $40.5 million in cash, the remaining balance became inaccessible on Biconomy.
The reclassification of these assets is expected to reduce the company's total reported assets for the affected periods. Datavault currently maintains that it cannot confirm when or if the remaining Bitcoin will be accessible, leaving investors without verified financial data for the past year.
