Datavault AI shares fell 49.55% to $0.067 after the Nasdaq-listed company disclosed it has been unable to withdraw Bitcoin held at crypto exchange, Biconomy, since June 2026.

The company also plans to restate 4 financial reports after determining that Bitcoin received under a $150 million share deal with Scilex Holding should have been recorded as a receivable rather than a corporate digital asset.

The accounting corrections are expected to reduce reported assets by $92.2 million at the end of 2025 and $49 million as of June 2026. Management is re-assessing the company’s ability to continue operating as collection of the amounts owed by Scilex remains uncertain.

The disclosure highlights the risks of corporate Bitcoin treasuries relying on third-party exchanges for custody and access to assets, particularly when those holdings are counted on to fund business operations.

INSTITUTIONAL | Standard Chartered Moves to Consolidate Institutional Crypto Custody Business With Zodia Acquisition

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