This is absurd: a publicly traded company that treats Bitcoin as its “treasury” can’t withdraw its own Bitcoin. On Tuesday, U.S. markets saw Datavault AI (DVLT) plunge 49.55% in a single day, closing at $0.067. The trigger was its admission in a filing that the coins still hadn’t been withdrawn by the time it filed on Monday, despite requesting a withdrawal in June. Even more outrageous, the coins may never have actually belonged to it on-chain.
Rewind to September 2025. According to CoinDesk, Scilex had agreed to buy $150 million worth of Datavault stock and warrants with Bitcoin. It then credited 1,309.04 BTC to Datavault’s account on the Biconomy exchange. Note that this was an “off-chain transfer”: only the numbers in the exchange’s internal ledger moved from one account to another; nothing happened on the Bitcoin blockchain. Datavault later sold 491.4 BTC back to Scilex in exchange for about $40.5 million in cash. Scilex’s own June financial report says it first sold $200 million worth of shares in its subsidiary Semnur to Biconomy for Bitcoin, then used $150 million of that to buy Datavault securities.
$BTC
Rewind to September 2025. According to CoinDesk, Scilex had agreed to buy $150 million worth of Datavault stock and warrants with Bitcoin. It then credited 1,309.04 BTC to Datavault’s account on the Biconomy exchange. Note that this was an “off-chain transfer”: only the numbers in the exchange’s internal ledger moved from one account to another; nothing happened on the Bitcoin blockchain. Datavault later sold 491.4 BTC back to Scilex in exchange for about $40.5 million in cash. Scilex’s own June financial report says it first sold $200 million worth of shares in its subsidiary Semnur to Biconomy for Bitcoin, then used $150 million of that to buy Datavault securities.
$BTC
