Datavault AI shares crash after company says it can’t withdraw its Bitcoin from Biconomy

The Nasdaq-listed firm told investors that a year of financial statements can no longer be relied upon, and a withdrawal request has been pending for four months Datavault AI just learned an expensive lesson. Holding Bitcoin on paper and holding Bitcoin you can actually move are two very different things. The Nasdaq-listed company (DVLT) told regulators that its request to pull Bitcoin off Biconomy has been pending for four months. It also said several quarters of its financial statements can no longer be relied upon. Shares fell by approximately 37-48% on the news, trading around $0.07. What Datavault disclosed The disclosure came in an SEC Form 8-K filed on October 26, 2026. Companies use the 8-K to report major events that shareholders need to know about between regular filings. This one was about as major as it gets. Datavault said four sets of financials should no longer be trusted: Q3 2025, full-year 2025, Q1 2026, and Q2 2026. The problem traces back to a September 2025 equity purchase agreement with Scilex Holding Co. (NASDAQ: SCLX). Under the $150 million deal, 1,309.04 BTC was credited to Datavault’s account that month. Datavault then sold 491.431 BTC back to Scilex for a...