Datavault AI says it cannot reach its bitcoin, and will restate four financial reports

Datavault AI, a company that holds bitcoin on its balance sheet, says it has not been able to get its coins back from the platform where they are stored.

What happened

The company said it has been unable to withdraw its bitcoin from Biconomy since June. It also said it will restate four financial reports tied to a $150 million deal with Scilex. Its stock dropped sharply after the disclosures.

The company has not said how much bitcoin is affected or what steps it is taking to recover it.

Background

Over the past few years, many listed companies have started holding bitcoin as a treasury asset, following the example of Strategy. Some hold the coins with large regulated custodians. Others leave them on exchanges or trading platforms, which can be simpler but carries more risk.

A financial restatement means a company has found that previously published accounts were wrong and need to be corrected. Restating several reports at once usually signals a serious problem with how a transaction was recorded or valued.

Why it matters

The case is a reminder of a basic rule in crypto: holding coins on someone else’s platform means trusting that platform to give them back. When withdrawals stop, a company’s balance sheet can show assets it cannot actually use.

For investors in bitcoin treasury companies, it raises practical questions. Where are the coins held, who can access them, and how quickly could the company get them back if needed? Datavault’s next disclosures should show whether the coins are recoverable and how large the accounting changes are.