Datavault AI Reports Inability to Withdraw Bitcoin, Shares Plunge 50%

Datavault AI disclosed that it has been unable to complete a June withdrawal of Bitcoin from the crypto exchange Biconomy, a situation that has forced the company to restate four sets of financial statements. The restatements will reduce reported assets by up to $92.2 million, as the company reclassifies the Bitcoin received in a $150 million Scilex Holding transaction as a subscription receivable rather than a digital asset. Management is reassessing its going‑concern status because the Bitcoin was previously counted as a liquidity source, and the company is uncertain about collecting the $40.5 million owed by Scilex. The stock fell 49.55% to $0.067 on Oct. 27, and closed at $0.06 after the Nasdaq‑listed company announced the withdrawal issue and the unreliability of its financial statements.