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Datavault AI shares crash after company says it can't withdraw its Bitcoin from Biconomy
Datavault AI said it cannot withdraw its Bitcoin from Biconomy, with the request pending four months. It said four sets of financial statements can no longer be relied upon. Shares fell roughly 37-48% to about $0.07 after the October 26, 2026 filing.
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What happened
Datavault AI said it cannot withdraw its Bitcoin from Biconomy, with the request pending four months. It said four sets of financial statements can no longer be relied upon. Shares fell roughly 37-48% to about $0.07 after the October 26, 2026 filing.
Confirmed
Global impact / market context
Investors learn that Bitcoin on a platform is not the same as Bitcoin you control. If a withdrawal stalls, the asset cannot be sold or moved, so it becomes an accounting problem rather than spendable cash. Restated financials also make past profits harder to trust.
Analyst inference
The $150 million Scilex deal credited 1,309.04 BTC, then 491.431 BTC was sold back for about $40.5 million. The leftover Bitcoin was reclassified as a subscription receivable, which means money an investor still owes. That shifts reported holdings from digital assets to a receivable.
Analyst inference
What to watch
- Watch whether Biconomy responds to the four-month-old withdrawal request and whether Datavault receives the remaining Bitcoin. Confirmed
- Watch for restated Q3 2025, full-year 2025, Q1 2026 and Q2 2026 financials, since unreliable statements may change reported assets and income. Proposed
- Watch for how the subscription receivable is valued, because a receivable tied to stuck Bitcoin may be worth less than the Bitcoin itself. Analyst inference
Affected assets
- BTC — Bitcoin