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Datavault AI Bitcoin Treasury Plunges After Unable to Withdraw BTC
Datavault AI (DVLT) shares dropped nearly 50% on Tuesday after the company reported being unable to withdraw Bitcoin from the Biconomy exchange since June. The issue stems from 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 attempted to withdraw 491.4 BTC back to an external account in June but was unsuccessful. The correction is expected to reduce reported assets by $92.2 million at the end of 2025 and $49 million as of June 2026.