TheBlock
Bastion Trading, which holds nearly 10% of SkyAI, is demanding an explanation after the Solana treasury company disclosed a 70% reduction in its SOL holdings in less than a month. SkyAI reported more than 2 million SOL on Sept. 14, then said on Oct. 11 that it had sold around 1 million and retained roughly 1 million. A Tuesday 8-K put the balance at approximately 600,000 SOL, leaving a 400,000 SOL discrepancy that the filing did not explain.
Why it matters
Bastion called the sales a “fundamental departure” from SkyAI’s treasury strategy and wants the company to disclose when the SOL was sold, how much was sold, at what prices, and how the transactions were approved. The firm says it will not participate in SkyAI’s proposed $3-per-share tender offer until its concerns are addressed. It is also seeking a full board overhaul.
The dispute puts SkyAI’s treasury decisions and shareholder oversight at the center of a proposed buyback. Filings say the company plans to use SOL-sale proceeds to buy up to 95% of its outstanding shares and warrants for around $200 million. Bastion is pushing to raise the offer to $3.50 per share and exclude strategic advisor warrants, citing their grant to a company controlled by the brother of SkyAI’s CIO.
Market impact
The reported holdings change is the clearest point of tension: SkyAI’s Sept. 14 disclosure put its SOL at roughly $207 million, while the later filings describe sales and a lower remaining balance without accounting for the 400,000 SOL gap. The company has said it remains committed to its Solana treasury strategy.
The shareholder dispute follows a September protest in which all five directors received more votes to withhold support than to support them, but kept their seats because shareholders had no option to vote for removal. Investors will be watching for SkyAI’s response to Bastion’s disclosure demands and whether the buyback terms or board structure change.
Frequently asked questions
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How large is the gap in SkyAI’s reported SOL holdings?
SkyAI said it sold around 1 million SOL and retained roughly 1 million, but a later 8-K reported approximately 600,000 SOL. That leaves a 400,000 SOL discrepancy.
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What information is Bastion asking SkyAI to disclose about the sales?
Bastion wants the dates, quantities, prices, and proceeds of recent SOL sales, as well as details on how the transactions were approved.
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What are the terms of SkyAI’s proposed buyback?
Filings say SkyAI plans to use proceeds from SOL sales to buy up to 95% of its outstanding shares and warrants for around $200 million. The announced offer is $3 per share.
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What changes does Bastion want to the buyback?
Bastion is pushing to raise the per-share offer from $3 to $3.50 and to exclude strategic advisor warrants, citing the company that received them.
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Why are SkyAI’s directors facing renewed scrutiny?
In a September shareholder protest, all five directors received more votes to withhold support than to support them. They kept their seats because shareholders had no option to vote for removal.
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