Datavault AI Shares Gain 31% as Bitcoin Withdrawal Remains Unresolved

Datavault AI shares climbed about 31% Wednesday, two days after the company disclosed it could not move Bitcoin (BTC) from a Biconomy PTE. Ltd. wallet and would revise four financial reports.

A June request to transfer Bitcoin to an external account remains incomplete. The reason for the delay remains unclear. Bitcoin received in a 2025 stock transaction with Scilex Holding did not qualify for recognition as a company digital asset. Datavault plans to record the amount as a subscription receivable — payment owed for shares — and reduce stockholders’ equity.

The company estimates the change will lower total assets by $8.1 million as of Sept. 30, 2025; $92.2 million as of Dec. 31, 2025; $57.1 million as of March 31, 2026; and $49 million as of June 30, 2026. The figures are part of earlier coverage of the planned restatement. Datavault’s audit committee and management determined Oct. 20 that investors should no longer rely on statements for the third quarter and full year of 2025 and the first two quarters of 2026.

The Bitcoin came from a September 2025 transaction in which Scilex agreed to pay $150 million for Datavault shares and a pre-funded warrant. A total of 1,309.04 BTC was credited to Datavault’s Biconomy wallet in September and November 2025. The company later sold 491.431 BTC back to Scilex for about $40.5 million.

On June 24, Scilex signed a binding term sheet to buy 837 BTC from Datavault for $50 million. The proposed payment was $30 million up front, followed by $20 million in quarterly payments through 2028. Scilex had not entered a definitive agreement as of Aug. 14, and Datavault had not entered one as of Aug. 19.

Datavault is reassessing its going-concern evaluation because it says collection of amounts owed by Scilex is uncertain. The company has not set a date to file the revised statements.