Datavault AI says four sets of accounts can no longer be relied on after reclassifying Bitcoin from $150 million Scilex share deal
SEC filings show Datavault AI expects restatements to cut total assets by as much as $92.2 million after it reclassified Bitcoin it had booked as a digital asset.
Drafted by the Loro Desk from public records and published automatically after a 24-hour hold. Published without editorial review.
Datavault AI has withdrawn reliance on its accounts from Q3 2025 to Q2 2026 because Bitcoin received from Scilex for shares should have been a subscription receivable, not a digital asset.
- Company
- Datavault AI Inc. (DVLT, CIK 1682149)
- Periods affected
- Q3 2025 to Q2 2026
- Deal
- $150m in Bitcoin from Scilex
- Largest asset reduction
- $92.2m at 31 Dec 2025
- Filing
- Form 8-K Item 4.02, 26 Oct 2026
Datavault AI Inc. (Nasdaq: DVLT, CIK 1682149) has told investors that its financial statements in its 10-Q for the quarter to 30 September 2025, its audited 10-K for 2025 and its 10-Qs for the first two quarters of 2026 should no longer be relied upon. Its audit committee reached that conclusion with management on 20 October 2026 (Form 8-K, Item 4.02, 26 October 2026).
The error concerns Bitcoin received under a 25 September 2025 share purchase agreement with Scilex, under which Scilex agreed to buy 15,000,000 shares and a pre-funded warrant for 263,914,094 shares for $150 million payable in Bitcoin. Datavault had recorded the Bitcoin as a digital asset; it now says it did not qualify, and will treat the transaction as a subscription receivable shown as a reduction of stockholders' equity (Form 8-K, 26 October 2026).
The filing says Scilex credited 1,309.04 BTC to the company's wallet at Biconomy in September and November 2025, and that the company sold 491.431 BTC back to Scilex for about $40.5 million in cash between 26 September 2025 and 30 January 2026. In June 2026 the company asked to withdraw Bitcoin from Biconomy to an external account and had not been able to complete it by the date of filing (Form 8-K, 26 October 2026).
The company expects the restatements to reduce total assets by $8.1 million at 30 September 2025, $92.2 million at 31 December 2025, $57.1 million at 31 March 2026 and $49.0 million at 30 June 2026. It is reassessing its going-concern evaluations for 2025 and the first quarter of 2026, which had counted the Bitcoin as a source of liquidity, and has set no date for the restated filings (Form 8-K, 26 October 2026).
The audit committee discussed the matters with CBIZ CPAs P.C., its current auditor, and BPM LLP, its former auditor (Form 8-K, 26 October 2026).
The filings do not state whether Scilex accepts the reclassification or when the Bitcoin held at Biconomy will be recovered. Loro has made no approach to the company. Figures are as reported in Datavault AI's SEC filings.
Primary sources
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