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AI Company’s Stock Craters After Admitting Its Bitcoin Is Stuck on an Exchange Nobody’s Heard of

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AI Company’s Stock Craters After Admitting Its Bitcoin Is Stuck on an Exchange Nobody’s Heard of

A little-known tech company supposedly received a bitcoin-denominated payment for shares in its company into a crypto exchange account last year, but now the company says it cannot access the roughly $65 million worth of bitcoin that remains from that associated transaction.

Here’s how it all went down. Datavault AI Inc. received bitcoin as payment in a September 2025 securities purchase agreement with Scilex Holding Company. Under the deal, Scilex agreed to buy 15 million shares of Datavault common stock plus a pre-funded warrant covering another 263,914,094 shares for $150 million, payable as roughly 1,328.43 bitcoin.

Scilex credited 1,309.04 bitcoin to a digital wallet Datavault maintained at Biconomy Pte. Ltd. through off-chain transfers on September 26th and November 25th, 2025, after a 19.39 bitcoin reduction in the amount for cash advances. Between September 26th, 2025, and January 30th, 2026, Datavault sold 491.431 of those credited bitcoin back to Scilex through similar off-chain transfers for approximately $40.5 million in cash. The remaining balance, around 817.6 bitcoin, has sat on the exchange since then. At recent prices near $80,000, that stack is worth roughly $65 million. However, Datavault has been unable to complete a withdrawal of the coins to an external account since requesting the transfer in June.

There is also an unresolved agreement involving that balance. On June 24, 2026, Scilex and Datavault signed a binding term sheet for Scilex to purchase 837 bitcoin held in the Biconomy wallet for $50 million. The proposed payment included $30 million upfront and the remaining $20 million in quarterly installments through December 2028.


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