Bitcoin · The Block
Datavault AI stock tumbles 50% after company confirms it cannot withdraw bitcoin tied to $150 million pact
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Datavault AI Inc. (DVLT) shares plunged nearly 50% on Tuesday after the company disclosed that it has been unable to withdraw a significant amount of bitcoin Bitcoin BTC +0.65% from a third-party wallet maintained by Bitconomy exchange.
Key facts
- DVLT closed near $0.067 on Tuesday, down 49.6% from the prior day's closing price of $0.133
- Between September 2025 and January 2026, Datavault AI sold a portion of the credited Bitcoin back to Scilex for about $40.5 million in cash
- It added that the restatements are expected to reduce its total assets by $8.1 million, $92.2 million, $57.1 million, and $49 million as of Sept. 30, 2025, Dec
- In a Form 8-K filed with the Securities and Exchange Commission on Oct
Summary
DVLT closed near $0.067 on Tuesday, down 49.6% from the prior day's closing price of $0.133. In a Form 8-K filed with the Securities and Exchange Commission on Oct. 26, the company said more than a year of financial statements cannot be relied upon because of an accounting error from a large equity transaction involving bitcoin. The issue centers on a September 2025 securities purchase agreement with Scilex Holding Co., under which Scilex agreed to buy 15 million shares of Datavault AI common stock and a pre-funded warrant covering more than 263.9 million shares for $150 million, payable in bitcoin, approximately 1,328.43 BTC at a rate of $112,915.52 per bitcoin. Bitcoin was credited to a company digital wallet at Biconomy Pte.