Datavault AI Shares Rebound 31% as Bitcoin Remains Inaccessible
Datavault AI shares rose about 31% on Wednesday, despite the company’s disclosure that it cannot withdraw bitcoin held at Biconomy and will restate four sets of financial statements. The company said the bitcoin did not qualify for recognition as its digital assets and plans to record the purchase as a receivable from Scilex instead.
The restatement removes all reported bitcoin from Datavault AI’s books, including 837 BTC that Scilex agreed in a June binding term sheet to buy for $50 million. The companies have not disclosed a definitive purchase agreement, and Datavault AI has not set a date for its restated filings. It expects the accounting change to reduce total assets by $92.2 million at the end of 2025 and $49 million at June 30, 2026.
Datavault AI is also reassessing its ability to continue as a going concern, citing uncertainty about collecting amounts owed by Scilex. The unresolved access issue and financial restatement raise company-specific risks, even as the stock rebounded.
Bearish
The news is bearish for Datavault AI and signals company-specific risk, rather than a direct threat to the wider Bitcoin market. The company says it cannot withdraw bitcoin held at Biconomy, is removing all reported BTC from its accounts, and is reassessing its going-concern position because repayment by Scilex is uncertain. These disclosures may weigh on investor confidence, increase scrutiny of the company’s custody arrangements and accounting, and contribute to volatility in DVLT shares.
The 31% share-price rebound does not resolve the underlying issues. Traders may treat the move cautiously until Datavault AI provides a clear explanation for the withdrawal problem, completes the restatement, or discloses a definitive agreement with Scilex. If the bitcoins remain inaccessible or the receivable cannot be collected, further financial and legal uncertainty could add pressure over the short term.
The longer-term impact depends on whether the company regains access to the assets, recovers the amounts owed, and restores reliable reporting. Similar corporate crypto-custody and treasury disputes have often prompted sharp repricing of the affected company, while their impact on Bitcoin itself has been limited unless they involve large forced sales or broader contagion. No such market-wide selling is established here, so the main trading risk is concentrated in Datavault AI rather than BTC.