Datavault AI to Restate Reports After Bitcoin Access Problem

Datavault AI said it has been unable to withdraw Bitcoin from its Biconomy account since requesting a transfer in June, and plans to restate four financial reports after determining the cryptocurrency should not have been recorded as a company asset. The disclosure sent its shares down about 50% on October 27, closing near $0.067, according to reports of the trading session. In an October 26 filing with the U.S. Securities and Exchange Commission, Datavault said the withdrawal remained incomplete. The filing did not explain why. The company’s accounting review concluded that Bitcoin linked to a $150 million securities purchase by Scilex Holding should instead be recorded as a subscription receivable, an amount owed for shares issued, rather than as a digital asset. Datavault estimated the restatements will reduce reported assets by $8.1 million as of September 30, 2025; $92.2 million as of December 31, 2025; $57.1 million as of March 31, 2026; and $49 million as of June 30, 2026. The affected reports include the company’s 2025 annual filing and three quarterly reports. Datavault has not set a date for filing the revised statements and warned that delays could affect its...