# Treasury Companies Face Custody Reckoning

Public companies that hold crypto through exchanges or counterparties rather than verifiable on-chain control will keep producing restatements and equity losses, pushing corporate treasuries toward regulated custodians.

- Conviction: 38 / 100 (weakening)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-10-28T00:00:00.000Z
- Last updated: 2026-10-29T06:37:07.675Z
- Canonical: https://polylog.news/crypto/trends/treasury-company-custody-risk
- Publisher: Polylog
- Affected regions: United States

## Recent score history

- 2026-10-28: 40
- 2026-10-29: 38

## Recent evidence

- [confirms] Datavault AI Shares Fall About 50% After It Says It Cannot Withdraw Bitcoin From the Biconomy Exchange (2026-10-28): Nasdaq-listed Datavault AI shares fell about 50% after it said it cannot withdraw bitcoin from the Biconomy exchange. It will cut reported year-end 2025 assets by $92.2 million and now books the coin as a receivable from Scilex Holding, the counterparty that paid it. This is a restatement and equity loss caused directly by holding crypto through a counterparty instead of controlling it on-chain.