TLDR SkyAI’s Solana holdings dropped roughly 70%, from over 2 million SOL to approximately 600,000 tokens. Bastion Trading questioned an unexplained 400,000 SOL difference in SkyAI’s latest d
Bastion Trading has challenged SkyAI over the sale of most of its Solana holdings, demanding fuller disclosure before the company launches a proposed $201 million share buyback.
The investment firm and its affiliates own roughly 9.99% of SkyAI. On Wednesday, Bastion said it would not tender its shares at $3 each unless the board addressed its concerns. It also urged other investors to delay participation.
On September 14, SkyAI reported more than 2 million SOL, then worth roughly $207 million. On October 11, it said it had sold about 1 million tokens and retained roughly 1 million. A separate Solana price analysis reported SOL near $121 in early October.
However, an October 13 Securities and Exchange Commission filing placed SkyAI’s remaining balance near 600,000 SOL. The figures indicate a decline of at least 70% since September. A gap of roughly 400,000 tokens remains between the two disclosures.
Bastion asked SkyAI to identify every recent sale, including dates, amounts, prices, fees and proceeds. It also requested records showing how directors reviewed and approved the transactions. Bastion also asked why SkyAI had not announced these sales to shareholders sooner.
Bastion called the sales a departure from SkyAI’s Solana treasury strategy and requested an independent review. Investors can also gain SOL exposure through Solana investment funds; a recent report placed Bitwise’s staking fund near $1.3 billion.
SkyAI’s September shareholder meeting added another issue. Each of the five directors received more votes to withhold support than votes in favor, although the company’s election rules allowed them to remain in office.
Bastion renewed its demand for independent directors and a committee to examine the buyback. The firm also opposed adviser warrants, citing their award to a company controlled by SkyAI’s investment chief’s brother. SkyAI separately rejected Forward Industries’ takeover proposal.
SkyAI plans to offer $3 per share or an eligible warrant and buy up to 95% of each class. Another crypto treasury company, Metaplanet, recently announced a separate share buyback program, although its terms differ.
Bastion wants at least $3.50 and restrictions on insider participation. SkyAI expects to begin the offer around October 15, subject to conditions including SOL staying above $100. Its filing said it had gathered about 80% of the required cash.
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