SkyAI Winds Down SOL Treasury Strategy as $3 Cash Tender Offer Clears Shareholder Dispute
SkyAI has settled with activist shareholder Bastion Trading and will use nearly all of its remaining cash to buy back shares and warrants, ending one of Solana’s largest digital asset treasury experiments.
SkyAI is winding down its SOL digital asset treasury strategy after reaching an agreement with activist shareholder Bastion Trading. The settlement clears the way for a $3.00-per-share cash tender offer, marking the likely end of one of the largest corporate experiments built around holding Solana (SOL).
SkyAI’s Treasury Unwind
SkyAI held more than 2 million SOL six weeks ago, purchased at an average cost of approximately $194 per token. The company has since sold its entire SOL position at an average price of $107.20, about 45% below the reported $198 cost basis in its annual disclosures.
The sales converted SkyAI’s remaining digital asset treasury into cash. Company records indicate the firm had more than $152 million in unrealized losses as of December 31, 2025. The proposed tender offer will now return much of the remaining value to shareholders rather than fund a continuation of the SOL accumulation strategy.
If fully subscribed, the transaction will cost approximately $214.3 million, compared with roughly $223 million in cash on hand. The structure includes:
- A $3.00 cash offer for SkyAI shares.
- Purchases of up to 100% of certain pre-funded warrants, increased from the previously proposed 95%.
- Stapled warrants included at $0.17 each.
- A three-year standstill agreement with Bastion Trading.
Bastion, which owns about 9.99% of SkyAI, had initially opposed the company’s offer and sought a $3.50 price. Under the settlement, however, Bastion has agreed to tender all of its shares and warrants.
SOL ETFs Also See October Outflows
SkyAI’s exit comes during a difficult period for institutional SOL products. Spot SOL ETFs have recorded approximately $99.62 million in net outflows so far in October, according to SolanaFloor data. Total net assets have declined to about $1.54 billion, down from roughly $1.9 billion in September.
The outflows included a record weekly withdrawal of $24.8 million in early October, ending a 14-week streak of net inflows. Bitcoin and Ether ETFs also experienced withdrawals during the period, suggesting broader allocator risk reduction rather than a Solana-only event.
What This Means
SkyAI’s decision removes a prominent corporate buyer from the SOL market and demonstrates the risks of digital asset treasury strategies when token prices fall below acquisition costs. The company’s conversion of its treasury into cash may add to the cautious institutional tone reflected in ETF flows.
For Solana, the episode does not determine long-term network adoption, but it does show that corporate balance-sheet demand remains sensitive to market cycles. Continued ETF outflows and the collapse of a major SOL accumulation strategy could weigh on sentiment until institutional allocations stabilize.