Datavault AI reports inability to withdraw Bitcoin tied to $150 million Scilex deal, prompting asset restatement
Datavault AI disclosed that a withdrawal request for Bitcoin held in a Biconomy wallet has been pending for four months, meaning the company cannot access the asset. The Bitcoin originated from a September 2025 equity purchase agreement with Scilex Holding Co. valued at $150 million, and the firm will reclassify the remaining coins as a subscription receivable. Because the asset cannot be moved, Datavault said four quarters of its financial statements must be restated, and total assets for those periods will be reduced by tens of millions of dollars. The announcement sent the stock down to roughly $0.07, a drop of about 40%‑50% on the day of the filing.
Why it matters
The company said the restatements will lower total assets by $8.1 million, $92.2 million, $57.1 million and $49.0 million for the periods ending September 30 2025, December 31 2025, March 31 2026 and June 30 2026 respectively. Investors now face uncertainty about the reliability of about a year of prior financial results and the eventual outcome of the Bitcoin withdrawal.
Key facts
- 1Datavault AI’s request to pull Bitcoin from Biconomy has been pending for four months. tradingview.com
- 2Four quarters – Q3 2025, FY 2025, Q1 2026 and Q2 2026 – are deemed unreliable and will be restated. tradingview.com
- 3The September 2025 equity purchase agreement with Scilex was valued at $150 million and credited 1,309.04 BTC to Datavault. tradingview.com
- 4Datavault sold 491.431 BTC back to Scilex for approximately $40.5 million in cash. tradingview.com
- 5The company will reclassify the remaining Bitcoin as a subscription receivable rather than a digital asset. tradingview.com
- 6Restatements are expected to reduce total assets by $8.1 million, $92.2 million, $57.1 million and $49.0 million for the periods ending September 30 2025, December 31 2025, March 31 2026 and June 30 2026 respectively. theblock.co
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.