Shares of Nasdaq-listed Datavault AIrebounded about 31%on Wednesday with no new filing from the company. Two days earlier, the company said in an 8-K it cannot withdraw its bitcoin from Biconomyand will restate four sets of financial statements, removing every bitcoin it had reported, including the 837 BTCthat Scilex Holdingsigned a binding term sheet in June to buy for $50 million.
DVLT closed at $0.13 on Monday, near $0.067 on Tuesday and about $0.088on Wednesday, on roughly 383 million shares, according to Yahoo Finance data . Neither Datavault nor Scilex has filed with the SEC since.
That filing, made just after Monday's market close, says the Philadelphia company asked in June to move bitcoin from its wallet at Biconomy PTE. Ltd.to an external account and has "been unable to complete the withdrawal." It does not say why. On Oct. 20, its audit committee concluded that investors should no longer rely on its financial statements for the third quarter of 2025, full-year 2025 and the first two quarters of 2026.
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How the bitcoin left the books
The coins date to a September 2025 deal in which Scilex agreed to buy Datavault stock and a pre-funded warrant for $150 million, payable in bitcoin. Scilex credited 1,309.04 BTCto Datavault's Biconomy wallet in September and November 2025, and Datavault later sold 491.431 BTCback to it for about $40.5 million, the 8-K says.
Datavault now says that bitcoin "did not meet the requirements for recognition as a digital asset of the Company." It will record the purchase instead as a receivable from Scilex, shown as a reduction of stockholders' equity. The change is expected to cut total assets by $92.2 millionat Dec. 31, 2025, and by $49.0 millionat June 30, 2026.
Those match the crypto-asset values in Datavault's own quarterly report filed Aug. 19, which counted 1,054 BTC at the end of 2025 and 837 BTC at the end of June. Management is reassessing its going concern evaluation because "the collection of amounts owed by Scilex is uncertain," the 8-K says. The company has not set a date for the restated filings.
A term sheet with no signed deal
On June 24, Scilex signed a binding term sheet to buy those 837 BTC, described as held in Datavault's Biconomy wallet, for $30 million up front plus $20 million in quarterly payments running through 2028. Scilex's 10-Q , filed Aug. 14, and Datavault's 10-Q five days later both said no definitive agreement had been entered into. No later filing from either company reports a signing, a closing or a termination, and the Oct. 26 8-K does not mention the term sheet.
Scilex's own bitcoin also came from Biconomy: its 10-Q says it sold Semnur Pharmaceuticals shares to Biconomy in September 2025 for $200 millionin bitcoin and used $150 million of it to buy the Datavault stake.
The 8-K lists among its risks the outcome of efforts "to collect amounts from Scilex or obtain the cooperation of Biconomy." Biconomy has made no public statement, and CoinDesk reported that the company had not answered its questions.
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