Datavault AI stock plunges 50% after firm says it cannot withdraw bitcoin from $150M deal

The disclosure turns what looked like a bitcoin-funded capital raise into a stranded-asset problem: the bitcoin exists in the structure, but the issuer cannot access it, which is a very different risk than plain crypto price exposure. The 50% drawdown suggests holders are repricing not just the deal but confidence in how the arrangement was structured and disclosed. The open question is what mechanism, if any, allows Datavault to convert that position into usable capital, and whether counterparties to the Scilex agreement clarify their side.