Major shareholder demands answers from SkyAI after Solana treasury drops 70% in a month
Solana treasury company faces shareholder scrutiny over missing crypto
Bastion Trading, a major shareholder in SkyAI, is demanding answers about the company's Solana sales after its holdings dropped by 70% in less than a month. The investment firm, which owns nearly 10% of SkyAI, said it will not take part in the company's proposed $201 million share buyback until its concerns are addressed.
In a Wednesday release, Bastion called for full disclosure of all recent SOL sales, a higher buyback price of at least $3.50 per share, and restrictions on certain insider warrants. It also repeated calls for a complete overhaul of SkyAI's board.
Key numbers behind the treasury drop
- SkyAI reported holding over 2 million SOL worth roughly $207 million on Sept. 14.
- An Oct. 11 buyback announcement said SkyAI sold about 1 million SOL and still held roughly 1 million.
- A subsequent Oct. 13 filing showed only about 600,000 SOL remaining, a 70% reduction from the September total.
- The discrepancy of roughly 400,000 SOL was not explained in the filing.
What Bastion is demanding
Bastion wants SkyAI to disclose the dates, quantities, prices, and proceeds of all recent SOL sales, as well as how those transactions were approved. The firm called the unplanned sales a "fundamental departure" from SkyAI's stated Solana treasury strategy.
The buyback tender offer would allow SkyAI to repurchase up to 95% of its outstanding shares and warrants for around $200 million. Bastion is pushing for the per-share price to rise from $3 to $3.50. It also wants strategic advisor warrants excluded from the buyback, arguing they were granted to a company controlled by the brother of SkyAI's chief information officer.
Past shareholder tensions
The current dispute follows a September shareholder protest in which all five SkyAI directors received more withhold votes than support votes. They kept their seats because there was no option on the ballot to vote to remove them.
What is confirmed
SkyAI's Solana holdings fell from over 2 million to approximately 600,000 in less than a month. A 400,000 SOL gap between announcements remains unexplained in filed documents. Bastion has publicly refused to participate in the tender offer until its demands are met.
What is still unclear
The source of the additional 400,000 SOL sold beyond what SkyAI initially announced is not disclosed. The company has not publicly responded to Bastion's demands or explained the discrepancy.
Why this matters for crypto treasury companies
SkyAI positioned itself as a Solana treasury company, meaning it held SOL as its primary asset. Rapid, unexplained sales of those holdings undermine investor confidence and raise questions about corporate governance and transparency in publicly traded crypto treasury firms.
What happens next
Bastion has stated it will not participate in the tender offer until its concerns are addressed. SkyAI has not announced a timeline for responding to the demands.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.