Datavault AI said it was unable to complete a Bitcoin withdrawal requested in June 2026 from an account held at Biconomy, while also disclosing financial reporting errors tied to Bitcoin consideration in an equity transaction with Scilex.
In an October 26 Form 8-K, Datavault reported that its audit committee and management had concluded that several previously issued financial statements should no longer be relied upon.
Bitcoin withdrawal remained incomplete
The filing describes a September 2025 arrangement under which Scilex agreed to purchase Datavault equity for consideration valued at $150 million, payable in Bitcoin. Datavault says 1,309.04 BTC was subsequently credited to its Biconomy account through off-chain transfers.
Between September 2025 and January 2026, the company sold 491.431 BTC shown in that account back to Scilex for approximately $40.5 million in cash. A request to withdraw Bitcoin to an external account in June 2026 remained incomplete as of the filing date.
Datavault did not establish the reason for the incomplete transfer. The disclosure does not, by itself, demonstrate that the Bitcoin was stolen or permanently lost.
Accounting correction affects several reporting dates
Datavault later determined that the Bitcoin associated with the Scilex equity purchase did not qualify for recognition as a company-owned digital asset. The transaction should instead have been reflected as a subscription receivable that reduces stockholders’ equity.
The company expects reported assets to be reduced by $8.1 million as of September 30, 2025; $92.2 million as of December 31, 2025; $57.1 million as of March 31, 2026; and $49.0 million as of June 30, 2026. These are adjustments for different reporting dates, not separate losses to be summed together.
Liquidity questions remain
Datavault’s earlier going-concern assessments considered the Bitcoin balances as a potential source of liquidity. The company says the accounting conclusions require it to revisit those assessments. Final restatement effects are still under review and may change.
The immediate issues for shareholders are the ability to collect the Scilex receivable, the reason for the unfinished Bitcoin withdrawal and the company’s revised statements. For a different listed-company Bitcoin strategy, see BlockBriefing’s report on Strive’s capital-raising program.
Primary source: Datavault AI Form 8-K, filed October 26, 2026.
