Bitcoin Stuck on Biconomy, Financials Restated, Shares Plunge ~40%
DVLT sits 18% above its 52-week low of $0.061 on elevated volume (5.3× avg).
Summary
Datavault AI disclosed in an October 26 8-K that its request to withdraw Bitcoin held at Biconomy has gone unanswered for four months, and that four sets of financials — Q3 2025, full-year 2025, Q1 2026 and Q2 2026 — can no longer be relied upon. The Bitcoin traces to a September 2025 $150 million equity purchase agreement with Scilex Holding; 1,309.04 BTC was credited to Datavault, of which 491.431 BTC was sold back for about $40.5 million in cash, leaving the rest stranded on Biconomy. Because the company cannot move the asset, it is reclassifying the Bitcoin as a subscription receivable rather than a digital asset, cutting total assets by $8.1 million at September 30, 2025, $92.2 million at December 31, 2025, $57.1 million at March 31, 2026 and $49.0 million at June 30, 2026. Shares fell roughly 37-48% on October 27 to around $0.07, deepening a collapse already framed by going-concern doubt, Nasdaq delisting risk and a class action flagged in the August 10-Q. Until revised financials are filed, investors have no reliable numbers for roughly a year of the company's history, and Datavault has not said when or whether the remaining Bitcoin will become accessible.
At the time of this announcement, DVLT was trading at $0.07 on NASDAQ in the Technology sector, with a market capitalization of approximately $126.1M. The 52-week trading range was $0.06 to $4.10. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Crypto Briefing.