Listed company Datavault AI said in a filing with the US SEC on 26 October that it has been unable to withdraw bitcoin from its wallet at the Biconomy exchange since June. The company concluded that the bitcoin from a $150 million share deal with Scilex is not its own digital asset. Instead it will be recorded as a share subscription receivable, which requires restating four accounting periods and cutting assets by up to $92.2 million. Its shares lost almost half their value.

What it means: The case shows a risk often underestimated at companies holding bitcoin on their balance sheets: the value exists only if the company has real and immediate control of the crypto. When funds sit in an account at a third-party exchange and cannot be withdrawn, the balance sheet does not reflect reality, and the accounting problem quickly becomes a trust problem. The fact that the access problem lasted from June until disclosure at the end of October also raises questions about internal controls and timely investor information. Companies building crypto reserves with funding from share issues or deals with third parties have multiplied, and not always with the necessary safeguards. For Greek businesses considering holding part of their cash in crypto, the main lesson is practical. They need a custodian licensed under MiCA, a clear contract on segregation of assets, regular checks that funds can actually be moved and agreement with the auditor on accounting treatment before the first purchase, not after.

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