Datavault AI Says It Cannot Withdraw Bitcoin From a $150M Deal

Datavault AI told regulators on Monday that four sets of its accounts should no longer be relied upon, and that the bitcoin behind a $150 million share sale has been out of reach since June. It asked to move the coins from a wallet at the exchange Biconomy to its own account. The transfer never completed. Shares closed near $0.067 on Tuesday, about half what they fetched the day before. The filing gives no reason and describes no dispute.

What the company says it cannot do

The Form 8-K is an Item 4.02 notice, filed when a company's own audit committee decides published figures are wrong. The withdrawn statements cover the third quarter of 2025, the 2025 annual report and the first two quarters of this year. At the centre of them is an agreement signed with Scilex Holding Company on 25 September 2025: 15 million common shares and a warrant over more than 263.9 million more, for $150 million "payable in Bitcoin at a spot rate of $112,915.52 per Bitcoin", in the filing's words. The coins were credited inside Biconomy by off-chain transfer, so the balance moved on the exchange's own books and never on the Bitcoin blockchain.

What follows is an accounting change rather than a loss. Datavault now says the bitcoin never qualified as a digital asset of the company, so the deal creates a subscription receivable, money Scilex owes for the shares, carried as a cut to stockholders' equity. Total assets drop by $8.1 million at 30 September 2025, by $92.2 million at the year's end, by $57.1 million at 31 March and by $49 million at 30 June. Management is reworking its going-concern assessment, having counted the coins as money it could spend.

"The collection of amounts owed by Scilex is uncertain," the filing said.

Two counts of the same bitcoin

The filing works $150 million at the stated rate out to about 1,328.43 bitcoin. CoinDesk, writing early on Wednesday, says Scilex credited 1,309.04. TFTC gives the same lower number and blames cash Scilex had advanced earlier, an explanation found in no other account read here. The gap is close to 19 coins. It does not reconcile, and neither does the balance left: TFTC's arithmetic leaves about 817.6 bitcoin after the sales, while the quarterly report filed in March showed 837.

Part of the holding went back the way it came. Between late September 2025 and the end of January, Datavault sold coins to Scilex for about $40.5 million in cash, which the filing sets against the receivable. CoinDesk and TFTC put that tranche at 491.4 bitcoin; the filing gives only the dollars. Tuesday's volume is counted two ways as well, at about 250 million shares by The Block and roughly 244 million by CoinDesk, against a closing price both agree on.

Nobody has heard from the exchange

Biconomy has said nothing in any account read here. CoinDesk says it asked the exchange about the withdrawal and the bitcoin backing the account, with no answer by Wednesday afternoon in Asia. The Block approached Datavault and Scilex, and reports no reply from either. One thread runs back through the other side of the trade. Scilex's June report, as CoinDesk reads it, says it sold $200 million of stock in its subsidiary Semnur to Biconomy for bitcoin, then spent $150 million of that on the Datavault securities. That account rests on CoinDesk alone.

What has a date and what does not

Two things are open and they are not the same size. The smaller one is clerical: Datavault intends to restate the affected periods and has not said when. The larger is whether the coins come out at all, and that answer sits with a venue that has not spoken. A balance on an exchange's books and not in a customer's hands was a recurring shape this year, most visibly at Bitget, where withdrawals stayed shut for weeks. For listed holders the bookkeeping question travels with it, since index rules now screen companies whose main asset is a token. The chairman and chief financial officer had not commented, by one outlet's account.