Datavault AI Falls 49.55% on BTC Withdrawal Failure — SkimNews
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- Datavault AI shares fell 49.55% to $0.067 on Oct. 27 after an Oct. 26 Form 8-K said its June request to withdraw Bitcoin from Biconomy could not be completed; the stock later bounced near $0.085 Wednesday.
- Datavault AI will restate four filings—the 2025 annual report and three quarterly reports—and expects total assets to fall by $8.1 million at Sept. 30, 2025, $92.2 million at year-end, $57.1 million at March 31 and $49 million at June 30, while reversing crypto gains and losses; the four statements can no longer be relied upon.
- Datavault AI concluded that the Bitcoin never qualified as a company digital asset and will instead record the $150 million Scilex stock deal as a subscription receivable, reducing stockholders’ equity rather than recognizing the coins as assets.
- Biconomy credited 1,309.04 BTC to Datavault’s account on Sept. 26 and Nov. 25, 2025 through off-chain ledger entries—not blockchain transfers—after deducting 19.39 BTC for Scilex cash advances; between Sept. 26, 2025 and Jan. 30, 2026, Datavault sold 491.431 BTC back to Scilex for about $40.5 million.
- Datavault AI is reassessing its going-concern status because it had counted the Bitcoin balances as a source of liquidity; its filing calls collection from Scilex uncertain and lists Nasdaq listing compliance plus litigation or regulatory inquiries tied to the restatement among its risks.
- Scilex said in its quarterly filing that it sold 12.5 million shares of Semnur Pharmaceuticals to Biconomy for $200 million in Bitcoin on Sept. 23, 2025, then used $150 million of that Bitcoin to purchase Datavault stock.
- Scilex signed a binding term sheet on June 24, 2026 to buy 837 BTC held in Datavault’s Biconomy wallet for $50 million, subject to a definitive agreement, with $30 million initially and $20 million in quarterly installments through Dec. 31, 2028, payable in cash or Scilex securities at its discretion; the 837 BTC plus the 491.431 BTC already sold equals the original 1,328.43 BTC.
Why it matters: For Datavault shareholders, the material change is a $92.2 million reduction in reported year-end 2025 assets and four statements that can no longer be relied upon, while going-concern status is under review because Bitcoin counted as liquidity was never a corporate digital asset. Scilex’s $50 million purchase term sheet calls for $30 million initially and $20 million through 2028.
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