Datavault AI Discloses $150 Million Bitcoin Withdrawal Blocked, Shares Drop 49.6%

Datavault AI disclosed that Bitcoin related to a $150 million equity transaction could not be withdrawn from a third-party wallet. The company's stock price closed down 49.6% on October 27, at approximately $0.067. According to an 8-K filing submitted by the company on October 26, Scilex agreed to purchase Datavault AI stock and prepay warrants for approximately 1,328.43 BTC in September 2025, with the related Bitcoin recorded in its wallet at Biconomy through off-chain transfers. The company applied to withdraw to external accounts in June 2026, but as of October 26, this had not been completed, and the specific reasons were not disclosed. The company determined that the related funds did not meet the criteria for recognition as digital assets and should be reclassified as subscription receivables for equity issuance, listed as a deduction from shareholders' equity. The company plans to restate the affected financial reports and reassess its ability to continue as a going concern, with the timing of the restatement yet to be determined.

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