Datavault AI Stock Plunges 50% as Bitcoin Withdrawal Stalls

Datavault AI said in an October 26 SEC filing that it could not withdraw Bitcoin held at Biconomy after requesting a transfer in June, and its DVLT shares fell 49.55% to close at $0.067 on October 28. The filing said Datavault received $150 million in Bitcoin from Scilex on September 25, 2025, for an equity purchase agreement: about 1,328 BTC, with 1,309.04 BTC actually sent after 19.39 BTC was deducted for cash advances. Datavault transferred 491.431 BTC back to Scilex for about $40.5 million and kept the rest at Biconomy, recording the transactions off-chain. The filing said the Bitcoin did not meet recognition requirements as a digital asset, and management was reassessing whether it could stay in business.