Datavault AI, a Nasdaq-listed data company, has told investors to stop relying on four sets of its financial statements, from the quarter to September 2025 through the quarter to June 2026, in a Form 8-K filed on Monday. The cause is a $150 million sale of shares and warrants to Scilex Holding, paid in bitcoin held at a wallet with Biconomy Pte. Ltd.
The problem is custody, not price. Scilex credited 1,309.04 BTC to that wallet off-chain, and Datavault later sold 491.431 BTC back to Scilex for roughly $40.5 million, the filing says. That would leave about 817.6 BTC, worth some $66 million on Wednesday, by our arithmetic. Datavault asked to withdraw bitcoin in June and has been unable to complete it.
Datavault now says the coins “did not meet the requirements for recognition as a digital asset of the Company.” It will instead book the deal as a subscription receivable from Scilex, deducted from shareholders’ equity. Total assets are expected to fall by $8.1 million, $92.2 million, $57.1 million and $49.0 million respectively at the four period-ends, and to reverse the related crypto gains and losses.
Management is also reassessing its going-concern judgments for 2025 and the first quarter of 2026, because those relied on the bitcoin as a source of cash and collection from Scilex is uncertain. The company has not set a date for the restated filings and says its review may find further errors. It names the risk of delays to its third-quarter report and to Nasdaq listing compliance.
The filing gives no reason for the failed withdrawal, The Block reported; The Block said it had asked Datavault and Scilex for comment. Datavault shares closed near $0.067 on Tuesday, down 49.6%, on about 250 million shares, eight times the prior day’s volume, the outlet said. The Defiant also reported the near-50% fall.
This article is for information only and is not investment advice.