Nasdaq-listed Datavault AI got crushed: The company disclosed that it has been unable to withdraw Bitcoin from Biconomy to external addresses since June, and its stock halved in a single day to around $0.06.
The backdrop: In September 2025, Scilex subscribed for the company’s shares using about 1,328 BTC (worth approximately $150 million). At the time, the transaction was recorded on the exchange’s internal ledger; no coins were transferred on-chain. The company now believes those BTC should never have been counted as its own digital assets and plans to reclassify them as “subscription receivables.” It is restating four financial reports, reducing assets by as much as approximately $92.2 million. Management is also reassessing its ability to continue as a going concern—the company’s ability to collect the amount owed by Scilex is uncertain.
Having coins on the books doesn’t mean you can withdraw them. In the treasury narrative, custody and convertibility need to be considered separately.
#比特币 #金库公司 #FinancialStatements
The backdrop: In September 2025, Scilex subscribed for the company’s shares using about 1,328 BTC (worth approximately $150 million). At the time, the transaction was recorded on the exchange’s internal ledger; no coins were transferred on-chain. The company now believes those BTC should never have been counted as its own digital assets and plans to reclassify them as “subscription receivables.” It is restating four financial reports, reducing assets by as much as approximately $92.2 million. Management is also reassessing its ability to continue as a going concern—the company’s ability to collect the amount owed by Scilex is uncertain.
Having coins on the books doesn’t mean you can withdraw them. In the treasury narrative, custody and convertibility need to be considered separately.
#比特币 #金库公司 #FinancialStatements
