Datavault AI Says 1,309 Bitcoin (BTC) Stuck at Biconomy Since June

1,309 BTC Stuck at Biconomy

Datavault AI (DVLT) shares collapsed on Tuesday after the company disclosed that it has been unable to withdraw Bitcoin (BTC) held at the Biconomy exchange since June and will restate its financial results. The DVLT stock closed at $0.067, down 49.55%, with roughly 244 million shares changing hands. The Bitcoin (BTC) price itself has moved little through the episode, up about 1.5% over the past 24 hours, so the collapse traces to custody and accounting rather than to the asset's market. The failure lands on the corporate Bitcoin treasury side of the market, where firms treat balance-sheet coins as part of their funding and identity. The disclosure also revealed how the coins reached Datavault in the first place. In its SEC filing, Datavault said Scilex Holding Company credited 1,309.04 BTC to the company's account at Biconomy under a September 2025 agreement worth $150 million in Datavault shares and warrants, all settled in Bitcoin (BTC) rather than cash. A withdrawal request to an external account went in during June, could not be completed, and remained unfinished as of Monday's filing, months after the credits landed. The same document carries an accounting correction: Datavault now says the credited bitcoin should have been recorded as an amount Scilex owed for the securities it bought, not as cryptocurrency on Datavault's own balance sheet, a change that trims reported assets by $92.2 million as of end-2025 and by $49 million as of June 2026. The restated figures cover two balance-sheet dates the company had already reported.

The structure of the deal explains why the coins sit where they do. Scilex credited the 1,309.04 BTC through off-chain transfers, meaning the balances changed inside Biconomy's internal ledger rather than through transactions on Bitcoin's own blockchain. No coins ever reached a wallet under Datavault's control, and the June withdrawal request was the first attempt to move the balance out of the exchange. Because the credits never touched Bitcoin's blockchain, the exchange's internal records are the only evidence of ownership, which is why a failed withdrawal matters more here than a delayed transaction would. Biconomy appears on both sides of the arrangement. According to Scilex's June financial report, Scilex sold $200 million of shares in its subsidiary Semnur to Biconomy for Bitcoin (BTC), then used $150 million of that to buy Datavault securities. The exchange thus supplied the coins that were credited to Datavault's account, and it now holds the balance the company cannot retrieve. Datavault, for its part, had already sold 491.4 BTC back to Scilex for about $40.5 million in cash, in a sale that also ran through the exchange's internal accounts. That sale means the company extracted some value from the arrangement; what remains stuck is the portion it counted on to sustain operations, and the unresolved withdrawal now forces it to reassess that assumption. The accounting correction completes the picture: with the credited bitcoin booked as a receivable from Scilex, the coins leave the cryptocurrency asset line and come out of shareholders' equity. Requests for comment sent to Biconomy about the withdrawal and about the bitcoin backing Datavault's account had gone unanswered as of Asian afternoon hours on Wednesday.

A $105.9 Million Ledger Credit

The frozen 1,309.04 BTC carries a live valuation: at the current spot price of $80,889, the stuck balance is worth roughly $105.9 million, a sum Datavault cannot touch. The episode draws a line between two ways of holding bitcoin. Companies that accumulate coins for the long term usually keep custody they control, in self-held wallets or segregated vehicles such as a spot ETF, not a ledger credit inside one venue's books. Datavault's coins sat closer in kind to custodial claims such as wrapped bitcoin than to coins a holder can move at will. Until Biconomy completes the transfer or explains the block, that credit is the whole of Datavault's position: a receivable on paper, with the coins themselves out of reach.