Datavault AI Shares Fall 50% as Inaccessible Bitcoin Forces…
By Abdelaziz Fathi
AI summary of the source article
Datavault AI shares dropped nearly 50% after disclosing it could not withdraw Bitcoin credited at Biconomy since June. The company announced financial restatements after determining the cryptocurrency did not qualify for recognition as a corporate asset.
Why it matters
The restatement removes previously reported Bitcoin assets from the company's recognized balance sheet and forces a fresh assessment of liquidity.
Key facts
- Datavault AI shares plunged 49.6% to $0.067 following disclosures of inaccessible Bitcoin at Biconomy.
- The company will restate multiple financial statements, reducing reported assets by up to $92.2 million for the period ended December 31, 2025.
- Datavault determined Bitcoin tied to a $150 million transaction with Scilex should have been recorded as a subscription receivable rather than a recognized digital asset.
Source excerpt · FinanceFeeds
Datavault AI shares plunged nearly 50% on Tuesday after the company disclosed that it had been unable to withdraw Bitcoin credited to its account at Biconomy since June, prompting an accounting correction that could reduce reported assets by $92.2 million at the end of 2025. The Nasdaq-listed company closed at $0.067 on October 27, down 49.6% from the previous session's $0.133 close, while trading…