Datavault AI (DVLT) shares plunged nearly 50% on Tuesday after a filing revealed the company had been unable to withdraw bitcoin from crypto exchange Biconomy since June and would have to restate its financial results.
The stock closed at $0.067, down 49.55%, with roughly 244 million shares traded.
The problem traces back to a September 2025 agreement with Scilex Holding Company, which agreed to purchase $150 million of Datavault shares and warrants using bitcoin. Scilex credited 1,309.04 BTC to Datavault's account at Biconomy through off-chain transfers, meaning the balances changed within the exchange rather than through transactions on Bitcoin's blockchain. Datavault subsequently sold 491.4 BTC back to Scilex for about $40.5 million in cash.
The transfer could not be completed when Datavault requested a withdrawal to an external account in June, the company said, and remained incomplete as of Monday's filing. Biconomy was also involved in supplying the bitcoin behind the investment: Scilex's June financial report says it sold $200 million of shares in its subsidiary Semnur to Biconomy for bitcoin, then used $150 million to buy Datavault securities.
