News · Institutions & ETFs
The company revealed it has been unable to withdraw its bitcoin balance since June, forcing a financial restatement cutting up to $92.2 million in assets.
Key point 1 of 3
01
Datavault AI stock dropped 49.55% to $0.067 after revealing frozen Biconomy bitcoin balances.
Key point 2 of 3
02
The firm has been unable to withdraw its remaining bitcoin to an external wallet since June.
Key point 3 of 3
03
Accounting corrections will reduce reported assets by $92.2 million for 2025 and $49 million for mid-2026.
Context
Datavault accepted off-chain exchange account balance credits from Scilex instead of on-chain Bitcoin transactions to fund an equity investment.
Why it matters
Datavault must restate its balance sheet, eliminating up to $92.2 million in crypto assets that it previously planned to tap for operational liquidity.
What to watch
Datavault's forthcoming amended filings and any response or resolution from Biconomy regarding the frozen balances.
Sources
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