Datavault AI stock crashes 50% over $150M bitcoin withdrawal failure

Shares of Datavault AI plummeted more than 50% after the company disclosed it is unable to withdraw bitcoin tied to a $150 million share purchase agreement with Scilex Holding Company.

The deal, announced earlier, stipulated that Scilex would acquire shares of Datavault AI in exchange for a $150 million payment in bitcoin. Datavault AI has now stated it cannot access these funds, triggering a massive sell-off in its stock.

The announcement did not specify the exact reason for the withdrawal failure or the current status of the bitcoin, leaving investors with significant uncertainty about the completion of the deal and the company’s financial position.

The incident highlights the operational and counterparty risks associated with large-scale corporate transactions settled in cryptocurrency, where technical or contractual issues can have immediate and severe market consequences.