Analysis · Institutions & ETFs
The company's inability to withdraw from Biconomy since June forces restatement of financials, erasing $92.2 million in reported 2025 assets.
Key point 1 of 3
01
Datavault AI shares dropped 49.55% after the firm announced it could not withdraw Bitcoin from Biconomy since June.
Key point 2 of 3
02
The inability to access the funds forces Datavault to restate financials, cutting reported 2025 assets by $92.2 million.
Key point 3 of 3
03
Biconomy supplied the Bitcoin for Scilex's initial $150 million investment in Datavault via off-chain transfers.
Context
Datavault AI entered a deal to receive Bitcoin as funding for its operations, relying on an exchange to custody the assets.
Why it matters
The withdrawal failure severely impacts Datavault's liquidity and valuation, forcing a massive accounting revision.
What to watch
Any response from Biconomy regarding the withdrawal request or the status of the Bitcoin backing Datavault's account.
Sources
Built from 8 primary sources, machine-checked before publication.
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