Datavault AI shares plunge 50% as $150 million Bitcoin accounting controversy unfolds

Datavault AI stock crashed nearly 50% on Tuesday after the company revealed that $150 million in Bitcoin intended for its balance sheet was stuck on a crypto exchange. An SEC filing confirms the Bitcoin should not have been recorded as assets, reducing previously reported assets by $92.2 million and requiring corrections to four financial statements. The controversy stems from a deal between Datavault and Scilex Holding, where 1,309 BTC were credited internally but remain inaccessible, triggering a $92 million accounting shock for investors.