Datavault AI Inc. saw its stock slump after revealing it has been unable to access roughly $65 million worth of bitcoin held on an obscure crypto exchange for four months. The funds originated from a September 2025 securities purchase agreement where Scilex Holding Company agreed to buy 15 million shares of Datavault common stock and warrants for $150 million, payable in bitcoin. Scilex credited approximately 1,328.43 bitcoin to a digital wallet maintained by Datavault at Biconomy Pte. Ltd through off-chain transfers.
While Datavault subsequently sold a portion of those coins back to Scilex, an estimated 817.6 bitcoin remained on the exchange. At recent market prices near $80,000, that remaining stack totals about $65 million. However, Datavault stated in an SEC Form 8-K filing that it has been unable to complete a withdrawal of the funds to an external account since requesting the transfer in June 2026.
The unexpected liquidity crunch forced Datavault to overhaul its accounting, determining that the bitcoin no longer met the requirements for recognition as a digital asset. The company reclassified the sum as a subscription receivable from Scilex, a move that reduced stockholders' equity and forced management to reassess its going-concern evaluation. Industry observers quickly pointed out the classic risks highlighted by the situation, echoing the longstanding cryptocurrency adage regarding the importance of self-custody and controlling private keys rather than leaving assets on centralized platforms.
Datavault AI Stock Plummets After $65 Million Bitcoin Locked on Obscure Exchange
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