Datavault AI plunges nearly 50%: Bitcoin stuck on exchange
U.S. AI stock Datavault AI (DVLT) closed down about 49.55% on Tuesday, at $0.067. The company disclosed that it has been unable to withdraw Bitcoin from the Biconomy exchange since June. The 1,309.04 BTC recorded from Scilex’s previous investment of about $150 million in Bitcoin had been booked off-exchange; Datavault later sold 491.4 BTC back to Scilex for about $40.5 million. The company will restate its financial statements, with assets expected to be reduced by about $92.2 million at year-end 2025 and about $49 million at the end of June 2026—the Bitcoin should have been recorded as an amount owed by Scilex, not as a crypto asset. CoinDesk has contacted Biconomy and has not yet received a response.
【Viewpoint】If “on-chain Bitcoin hoarding” is in practice stuck on a centralized exchange and the withdrawal channel is cut off, the BTC on the books may be no more than a receivable—not reserves the company can freely use. Custody counterparties and the ability to withdraw matter more than stated holdings.
【Opportunities/Risks】Watch: 1) whether the company can resume withdrawals or reclassify the holdings as a debt claim; 2) liquidity and financing pressure after the SEC 8-K restatement is filed; 3) whether peers also have exposure to “off-exchange-booked BTC.” If this prompts a repricing of custody transparency, short-term volatility could increase, especially for $BTC .
What do you think: Should companies be required to disclose the proportion of their hoarded Bitcoin that can actually be withdrawn?
#加密货币 #比特币 #美股 #Earnings
$BTC
For informational purposes only; not investment advice.
U.S. AI stock Datavault AI (DVLT) closed down about 49.55% on Tuesday, at $0.067. The company disclosed that it has been unable to withdraw Bitcoin from the Biconomy exchange since June. The 1,309.04 BTC recorded from Scilex’s previous investment of about $150 million in Bitcoin had been booked off-exchange; Datavault later sold 491.4 BTC back to Scilex for about $40.5 million. The company will restate its financial statements, with assets expected to be reduced by about $92.2 million at year-end 2025 and about $49 million at the end of June 2026—the Bitcoin should have been recorded as an amount owed by Scilex, not as a crypto asset. CoinDesk has contacted Biconomy and has not yet received a response.
【Viewpoint】If “on-chain Bitcoin hoarding” is in practice stuck on a centralized exchange and the withdrawal channel is cut off, the BTC on the books may be no more than a receivable—not reserves the company can freely use. Custody counterparties and the ability to withdraw matter more than stated holdings.
【Opportunities/Risks】Watch: 1) whether the company can resume withdrawals or reclassify the holdings as a debt claim; 2) liquidity and financing pressure after the SEC 8-K restatement is filed; 3) whether peers also have exposure to “off-exchange-booked BTC.” If this prompts a repricing of custody transparency, short-term volatility could increase, especially for $BTC .
What do you think: Should companies be required to disclose the proportion of their hoarded Bitcoin that can actually be withdrawn?
#加密货币 #比特币 #美股 #Earnings
$BTC
For informational purposes only; not investment advice.
