THE BLOCK · 2026-10-28 03:00 UTC

Datavault AI stock plummets 50% after firm says it cannot withdraw bitcoin tied to $150 million deal

Datavault AI (DVLT) stock fell 50% after disclosing it cannot withdraw bitcoin from a Biconomy wallet tied to a $150 million deal with Scilex. The company received ~1,328 BTC in September 2025 for selling 15 million shares and warrants, but has been unable to complete withdrawal requests since June 2026. Datavault said the bitcoin should not have been recorded as a digital asset and will restate financial statements, reducing reported assets by $8.1M to $92.2M across multiple quarters.

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