Major shareholder challenges SkyAI after Solana treasury falls 70% in a month

Bastion Trading, which owns nearly 10% of Solana treasury company SkyAI, is demanding answers after the company’s reported SOL holdings fell sharply ahead of a proposed share buyback. The investment firm said it will not participate in the tender offer until its concerns are addressed and again called for a complete overhaul of SkyAI’s board.

A sharp reduction in SkyAI’s SOL holdings

SkyAI said on Sept. 14 that it held more than 2 million SOL, worth approximately $207 million at the time, and remained committed to its Solana treasury strategy. In an Oct. 11 buyback announcement, the company disclosed that it had sold roughly 1 million SOL and retained approximately another 1 million SOL.

However, an 8-K filing submitted Tuesday put SkyAI’s remaining balance at approximately 600,000 SOL. That figure implies a reduction of about 70% in the company’s treasury in less than a month and leaves a discrepancy of roughly 400,000 SOL compared with its prior announcement.

The filing did not explain the difference. Bastion is seeking a detailed accounting of the transactions, including:

• The dates and quantities of each SOL sale.
• The prices and proceeds received from those transactions.
• The process used to approve the sales.

Bastion described the reduction as a “fundamental departure” from SkyAI’s stated treasury strategy.

Buyback terms and governance dispute

According to SkyAI’s filings, the company plans to use proceeds from its SOL sales to buy up to 95% of its outstanding shares and warrants for approximately $200 million, with the offer described as roughly $201 million in total.

The proposed price is $3 per share, but Bastion is pressing for that figure to rise to at least $3.50. It also wants strategic advisor warrants excluded from the transaction, citing concerns that they were granted to a company controlled by the brother of SkyAI’s chief investment officer.

The dispute follows a September shareholder protest in which all five SkyAI directors received more votes withheld than votes supporting them. The directors nevertheless retained their seats because shareholders were not given an option to vote directly for their removal.

What This Means

The conflict places SkyAI’s Solana treasury model and capital-allocation decisions under heightened scrutiny. A tender offer funded by selling SOL could return capital to shareholders, but it also materially reduces the company’s exposure to the asset it was created to hold.

For investors, the unresolved 400,000 SOL discrepancy, the requested buyback-price increase and the governance objections create uncertainty around both the offer and SkyAI’s future strategy. Until the company provides greater disclosure, the standoff may keep attention focused less on its treasury value and more on board accountability, insider-related concerns and whether shareholders support the proposed transaction.