$150 Million Bitcoin Controversy Crashes a Nasdaq Stock

Datavault AI’s Nasdaq-listed shares fell nearly 50% on Tuesday after a $150 million Bitcoin deal became an accounting controversy. In September 2025, painkiller maker Scilex Holding agreed to buy $150 million of Datavault shares and warrants, rights to buy shares, using Bitcoin and hired crypto exchange Biconomy. Scilex credited 1,309 BTC to Datavault’s Biconomy account through internal records rather than moving the coins on-chain; Datavault later sold 491 BTC back for $40.5 million, and 818 BTC remain inaccessible after a June withdrawal request. An October 26 SEC filing said the Bitcoin should not have been recorded as assets, potentially reducing reported assets by $92.2 million, and four financial statements need correction. Datavault is also reassessing whether it can continue operating.