Shares of Datavault AI (Nasdaq: DVLT) fell 49.5% on Tuesday, October 27, closing at $0.067 from $0.133 the day before. The drop came after the company told the U.S. Securities and Exchange Commission it has been unable to withdraw bitcoin held at crypto exchange Biconomy.
According to the company, a withdrawal request filed in June 2026 remains unfulfilled months later. Datavault did not say why Biconomy has not allowed the transfer, and the exchange did not respond to requests for comment.
The bitcoin landed in Datavault's Biconomy account in September 2025, when Scilex Holding Company transferred more than 1,300 bitcoins off-chain as part of a $150 million deal in exchange for Datavault stock. Datavault later sold 491.4 BTC back to Scilex for about $40.5 million between September 2025 and January 2026.
Datavault is now restating results covering several past periods: under the revised accounting, the bitcoin received from Scilex should have been recorded as an amount owed by Scilex rather than as crypto holdings the company could freely use. The change will cut reported assets by $92.2 million as of the end of 2025 and by $49 million as of June 2026.
Datavault disclosed the figures in a Form 8-K filed with the SEC on October 26, 2026.
