DATAVAULT AI COUNTED 837 BITCOIN HELD AT AN EXCHANGE — A JUNE WITHDRAWAL NEVER WENT THROUGH — NOW IT SAYS THE COINS DON’T COUNT AS ITS ASSET

Datavault AI told the SEC at 4:01 p.m. ET on October 26, 2026 that the bitcoin it had been reporting shouldn’t have counted as its asset. In September 2025, Scilex Holding agreed to pay $150 million in bitcoin for Datavault shares and a warrant. Scilex then “credited” 1,309.04 bitcoin to Datavault’s account at Biconomy, an exchange, “through an off-chain transfer.” Datavault later sold 491.431 of them back to Scilex the same way. That’s a change on the exchange’s ledger, not on bitcoin’s.

In June 2026, Datavault asked to withdraw its bitcoin to an outside account. The filing says it “has, as of the date of this Current Report on Form 8-K, been unable to complete the withdrawal.” Its August 10-Q still counted 837 bitcoin at June 30, at a fair value of $49.016 million, and didn’t mention a withdrawal. Now the company says the bitcoin “did not meet the requirements for recognition as a digital asset of the Company.” Total assets come down $92.2 million at the end of 2025 and $49.0 million at June 30, the same amounts the 10-Q listed as bitcoin.

The counts don’t agree either. 1,309.04 credited minus 491.431 sold leaves 817.609. The 10-Q says 837, and so does the June term sheet in which Scilex agreed to buy 837 bitcoin “held in the Wallet” back for $50 million. The gap, 19.391, matches to rounding the 19.39 bitcoin the 8-K says Scilex knocked off for cash advances. And the coins started at Biconomy: Scilex’s own 10-Q says Biconomy paid it $200 million in bitcoin for shares of Semnur, and Scilex used $150 million of that to pay Datavault.

A balance at someone else’s exchange is a promise, not a coin. If you can’t move it, you can’t prove you have it, and now Datavault’s own filing says it doesn’t count. Keys are the asset. At the time of this writing, bitcoin was $79,862.