Datavault AI says it failed to withdraw Bitcoin from Biconomy, shares plunge nearly 50%

October 28 — In an 8-K filing submitted on October 26, Datavault AI (DVLT) disclosed that the company applied in June of this year to transfer Bitcoin held in its Biconomy crypto exchange account to an external account, but as of the filing date the withdrawal had still not been completed. Following the disclosure, the company's stock price plummeted nearly 50%.

The Bitcoin in question originated from an equity transaction reached with Scilex Holding in September 2025. Under the agreement, Scilex agreed to pay $150 million in Bitcoin to subscribe for Datavault's shares and warrants, with the Bitcoin credited to its Biconomy digital wallet via an off-chain transfer.