Key facts
- Datavault AI cannot access Bitcoin held on Biconomy since June.
- Four financial reports will be restated, reducing assets by up to $92.2 million.
- Management is reassessing the company's going-concern status due to uncertain Scilex payments.
- Bitcoin from a Scilex deal was reclassified as a subscription receivable, not a digital asset.
Datavault AI shares plunged 49.55% to $0.067 on October 27, 2026, after the company disclosed it has been unable to withdraw Bitcoin from the crypto exchange Biconomy since June. The company also announced it will restate four financial reports, reducing total assets by up to $92.2 million, after reclassifying Bitcoin from a $150 million Scilex Holding deal as a subscription receivable. Management is reassessing the company's going-concern status because it had counted the Bitcoin as a source of liquidity and collection of amounts owed by Scilex is uncertain.