Datavault AI took in about 1,309 BTC from Scilex as payment for its shares in late 2025. Since June it has been unable to withdraw that bitcoin from its Biconomy wallet, and on Tuesday its stock fell 49.6% to about $0.067.
The coins never moved on-chain. Scilex credited them to Datavault inside the Biconomy exchange, and per Scilex's own report, Biconomy had supplied that bitcoin in the first place. Datavault now says the coins should have been booked as money Scilex owes it. More than a year of its accounts will be restated, cutting reported assets by $92.2M at the end of 2025 and $49M at the end of June.
We lined up the prices this same bitcoin has carried. The September 2025 deal valued it at $112,916 per BTC. Datavault later sold 491.4 BTC back to Scilex for $40.5M, about $82,400 each. A June term sheet has Scilex buying 837 BTC for $50M, about $59,700 each.
At today's price near $80,900, 837 BTC is worth about $67.7M. The June deal sits roughly 26% under that, only $30M of it is due up front, and Scilex can pay in cash or its own stock.
Until the coins leave Biconomy on-chain, what Datavault holds is a claim on an exchange.
$BTC
#Bitcoin #BitcoinTreasury
NFA. DYOR.
The coins never moved on-chain. Scilex credited them to Datavault inside the Biconomy exchange, and per Scilex's own report, Biconomy had supplied that bitcoin in the first place. Datavault now says the coins should have been booked as money Scilex owes it. More than a year of its accounts will be restated, cutting reported assets by $92.2M at the end of 2025 and $49M at the end of June.
We lined up the prices this same bitcoin has carried. The September 2025 deal valued it at $112,916 per BTC. Datavault later sold 491.4 BTC back to Scilex for $40.5M, about $82,400 each. A June term sheet has Scilex buying 837 BTC for $50M, about $59,700 each.
At today's price near $80,900, 837 BTC is worth about $67.7M. The June deal sits roughly 26% under that, only $30M of it is due up front, and Scilex can pay in cash or its own stock.
Until the coins leave Biconomy on-chain, what Datavault holds is a claim on an exchange.
$BTC
#Bitcoin #BitcoinTreasury
NFA. DYOR.
