WuBlockchain
Bastion Trading says Solana treasury company SkyAI sold approximately 70% of its SOL holdings in less than a month, leaving around 600,000 SOL. The shareholder says SkyAI did not adequately disclose the timing, prices or approval process for the sales.
Why it matters
Bastion and its affiliates hold approximately 9.99% of SkyAI. Their challenge puts the company’s treasury decisions and disclosure practices under scrutiny, alongside broader questions about how shareholders can evaluate a corporate crypto reserve.
Market impact
Bastion is seeking full disclosure, a board overhaul and an increase in SkyAI’s proposed cash tender offer from $3.00 to at least $3.50 per share or eligible warrant. It also wants management and related parties excluded from participating. The demands mark a governance dispute; the seed does not specify how SkyAI has responded.
Source: [Bastion Trading Demands SkyAI Improve Tender Offer, Questions 70% Disposal of SOL Holdings and Calls for Board Reconstitution](https://www.wublockchain.xyz/news/bastion-trading-demands-skyai-improve-tender-offer-questions-sol-disposal-board-reform-21238)
Frequently asked questions
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How much SOL does Bastion say SkyAI sold?
Bastion Trading says SkyAI sold approximately 70% of its SOL holdings in less than a month, leaving around 600,000 SOL.
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What information does Bastion say SkyAI did not adequately disclose?
Bastion says SkyAI did not adequately disclose the timing, prices or approval process for the SOL sales.
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What stake do Bastion Trading and its affiliates hold in SkyAI?
Bastion Trading and its affiliates hold approximately 9.99% of SkyAI.
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What tender offer price is Bastion seeking?
Bastion is seeking an increase in the proposed cash tender offer from $3.00 to at least $3.50 per share or eligible warrant.
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Who does Bastion want excluded from the tender offer?
Bastion wants SkyAI management and related parties excluded from participating in the tender offer.
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