A Bitcoin Balance on an Exchange Screen Cost Datavault AI Half Its Value in a Day

Datavault AI (DVLT) closed Tuesday at $0.067, a drop of 49%, as roughly 244 million shares changed hands. The panic started with a filing admitting the company has not been able to withdraw its bitcoin from the Biconomy exchange since June. A restatement of earlier financial results is now coming.

How Offchain Bitcoin Credits Created the Problem

In September 2025, Scilex Holding agreed to buy $150 million of Datavault shares and warrants, paying in bitcoin. It delivered 1,309.04 BTC as internal credits inside Biconomy, so nothing moved on the Bitcoin network itself. Datavault later sold 491.4 BTC back to Scilex for about $40.5 million in cash. When it asked to send the rest to an outside account in June, the transfer never finished, and it was still stuck as of Monday.

Biconomy’s Part in the Deal

Scilex’s own June report shows it sold $200 million of shares in its Semnur subsidiary to Biconomy for bitcoin, then used $150 million of that to pay for the Datavault securities.

What the Accounting Correction Changes

Datavault now says the credited bitcoin should have been recorded as money Scilex still owed for the shares, which cuts shareholders’ equity and removes it from crypto holdings. Reported assets will shrink by $92.2 million at the end of 2025 and by $49 million as of June 2026. Because the company had counted those balances as cash it could draw on, it must review that view. Biconomy had not replied to requests for comment.