Datavault AI Stock Halves After Firm Says It Cannot Access Bitcoin Held at Biconomy
The Nasdaq-listed company said it has been unable to withdraw Bitcoin from exchange Biconomy since June 2026 and will restate four financial reports.
AfroEuropa Newsroom
AfroEuropa desk
Shares in Datavault AI dropped 49.55% to $0.067 after the Nasdaq-listed company disclosed that it has been unable to withdraw Bitcoin held at the crypto exchange Biconomy since June 2026, according to reports from BitKE and Decrypt.
The company also said it plans to restate four financial reports. Datavault AI determined that Bitcoin it received under a $150 million share agreement with Scilex Holding should have been accounted for as a receivable rather than as a corporate digital asset, BitKE reported.
The accounting corrections are expected to reduce reported assets by $92.2 million at the end of 2025 and by $49 million as of June 2026. Management is reassessing the company's ability to continue operating because collection of the amounts owed by Scilex remains uncertain, according to BitKE.
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