Datavault AI (DVLT), a company holding bitcoin on its balance sheet, saw its shares plunge nearly 50% on Tuesday after a filing disclosed that it has been unable to withdraw bitcoin from the crypto exchange Biconomy since June and must restate its financial results.

The stock ended the session at $0.067, a decline of 49.55%, on trading volume of approximately 244 million shares.

Datavault is one of a growing number of publicly traded companies that have adopted bitcoin treasury strategies, making the custody and accounting of digital holdings a direct line item in corporate finances.

The problem traces back to a September 2025 agreement in which Scilex Holding Company committed to buy $150 million of Datavault shares and warrants, paying in bitcoin. Scilex credited 1,309.04 BTC to Datavault's account on Biconomy via off-chain transfers, meaning the balances were adjusted inside the exchange rather than moved through transactions on Bitcoin's blockchain. That distinction is significant for corporate holders: bitcoin sitting as an exchange balance depends on the venue to process withdrawals, whereas on-chain self-custody gives a company direct control over its coins. Datavault later sold 491.4 BTC back to Scilex for roughly $40.5 million in cash.

The trouble surfaced when Datavault sought in June to withdraw the remaining bitcoin to an external account. According to the company, the transfer could not be completed, and it remained outstanding as of Monday's filing.

Biconomy was also at the source of the investment itself. Scilex's June financial report states that it sold $200 million of shares in its subsidiary, Semnur, to Biconomy in exchange for bitcoin, then deployed $150 million of that to purchase Datavault securities.

Datavault now contends the bitcoin credited through Scilex's investment should have been booked as an amount owed by Scilex for the shares, a figure that would reduce shareholders' equity rather than appear among Datavault's cryptocurrency assets.

The restatement is expected to cut reported assets by $92.2 million as of the end of 2025 and by $49 million as of June 2026. Datavault had counted those bitcoin balances as money it could draw on to keep the business running and must now revisit that assessment. A restatement of this kind requires a company to refile corrected financial statements, giving investors a revised view of reported assets and equity.

CoinDesk reached out to Biconomy regarding the withdrawal request and the bitcoin backing Datavault's account but had not received a response as of Asian afternoon hours Wednesday. The next markers are whether the outstanding transfer is completed, how Biconomy responds, and what Datavault's restated filings show about its access to funds.

Primary source: Bitcoin treasury Datavault AI plunges 50% after firm says it can't access its BTC (CoinDesk)