Nasdaq-listed Datavault AI disclosed it has been unable to withdraw Bitcoin held at the crypto custodian/exchange Biconomy after submitting a withdrawal request in June. The coins trace to a September 25, 2025 equity purchase agreement with Scilex Holding Co., a $150 million deal that produced about 1,328.43 BTC (Scilex credited 1,309.04 BTC to Datavault’s Biconomy account on Sept. 26 and Nov. 25, 2025 after a 19.39 BTC deduction for cash advances). Between Sept. 26, 2025 and Jan. 30, 2026 Datavault sold 491.431 BTC back to Scilex off-chain for roughly $40.5 million in cash.
After review, Datavault concluded the Bitcoin never qualified as a company digital asset and will reclassify the position as a subscription receivable. That reclassification requires restating four reports—Q3 2025, full-year 2025, Q1 2026 and Q2 2026—and is expected to reduce total assets by $8.1 million as of Sept. 30, 2025; $92.2 million at Dec. 31, 2025; $57.1 million as of March 31, 2026; and $49.0 million as of June 30, 2026. The company said it will reverse crypto gains and losses previously recorded on the coins.
The market reaction was severe: shares plunged roughly 37–50% the trading day after the filing, closing near $0.06–$0.07 and later bouncing toward $0.085. Management said it is reassessing the company’s going-concern status because the Bitcoin balances had been counted as sources of liquidity and collection of amounts owed by Scilex is uncertain. The company’s risk list highlights Scilex’s creditworthiness, reliance on a third‑party custodian, Nasdaq listing compliance, and potential litigation or regulatory inquiries tied to the restatement.
Related filings show Scilex used Biconomy in linked transactions: on Sept. 23, 2025 Scilex sold 12.5 million Semnur Pharmaceuticals shares to Biconomy for $200 million in Bitcoin and then applied $150 million of that to acquire Datavault stock. On June 24, 2026 Scilex signed a binding term sheet to buy 837 BTC from Datavault’s Biconomy wallet for $50 million, with an initial $30 million payment and the remaining $20 million in quarterly installments through Dec. 31, 2028, payable in cash or Scilex securities. Datavault has not announced timing for filing the restated statements and warned delays could affect its Sep. 30, 2026 quarterly report.