Datavault AI shares plunge 50% after company says it cannot withdraw bitcoin from Biconomy exchange

Datavault AI disclosed it has been unable to withdraw bitcoin from the Biconomy exchange since June, requiring a financial restatement. The company had treated 1,309.04 BTC, credited through Scilex Holding Company's $150 million investment, as operational funding, but must now reclassify it as an amount owed by Scilex, reducing reported assets by $92.2 million at end-2025 and $49 million as of June 2026.