Shares of Datavault AI dropped by 49.55% on Nasdaq, closing at $0.067 on October 27, 2026. The decline followed the company's disclosure of inability to withdraw 1309.04 BTC from the Biconomy platform, a situation persisting for six months.
The assets were part of a September 2025 deal where Scilex Holding acquired Datavault shares for $150 million in Bitcoin. Datavault later determined that these holdings did not meet digital asset recognition criteria and must be reclassified as accounts receivable.
Datavault is now required to restate its financial reports for the third quarter of 2025 through the second quarter of 2026. Preliminary estimates suggest these corrections will reduce the company's total assets by amounts ranging from $8.1 million to $92.2 million across the affected periods.
