WuBlockchain
Bastion Trading is urging Solana treasury company SkyAI to overhaul its board, citing $5 million in consulting fees paid in H1 2026 to a related party controlled by the brother of a director and CIO. The fees equaled roughly 92% of SkyAI's staking revenue, according to Bastion.
Why it matters
The dispute puts related-party transactions and board oversight under pressure at a company whose treasury strategy is tied to Solana. Bastion and its affiliates hold about 9.99% of SkyAI and are seeking meaningful engagement and new directors.
Market impact
At the September 18 annual meeting, all five incumbent directors received more votes withheld than votes in favor. About 82% of votes opposed the equity incentive plan, adding evidence of shareholder opposition to the board's current direction.
Bastion says it is prepared to pursue legal action if the board does not respond. The next test is whether SkyAI engages with the shareholder demands or the dispute escalates.
Source: [Bastion Trading Urges SkyAI Board Overhaul, Questions Related-Party Consulting Fees](https://www.wublockchain.xyz/news/bastion-trading-urges-skyai-board-overhaul-questions-related-party-fees-21056)
Frequently asked questions
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How large were the consulting fees compared with SkyAI's staking revenue?
SkyAI paid $5 million in H1 2026 consulting fees to a related party, roughly 92% of its staking revenue, according to Bastion.
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Who controlled the related party that received the fees?
Bastion says the related party was controlled by the brother of a SkyAI director and CIO.
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What happened in the vote on SkyAI's incumbent directors?
At the September 18 annual meeting, all five incumbent directors received more votes withheld than votes in favor.
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How did shareholders vote on SkyAI's equity incentive plan?
About 82% of votes opposed the equity incentive plan at the September 18 annual meeting.
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What action is Bastion seeking, and what could it do next?
Bastion and its affiliates, which hold about 9.99% of SkyAI, are seeking meaningful engagement and new directors. Bastion says it is prepared to pursue legal action if the board fails to respond.
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