SkyAI sharply reduces its holdings SOL, major shareholder Bastion Trading opposes the tender offer and demands disclosure

AT A GLANCE

SkyAI was reported to have sharply reduced its holdings of SOL, while shareholder Bastion Trading demanded disclosure of the details and an increase in the offer price.

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SkyAI's recent large-scale sell-off SOL, major shareholder Bastion Trading questions the tender offer and demands full disclosure

BlockBeats reports that October 14, Nasdaq-listed SkyAI, whose core strategy centers on a Solana digital asset reserve, previously held more than 2000000 units of SOL. Since October, the company has transferred approximately 1570000 units of SOL, worth approximately 175000000 USD; SkyAI has disclosed the recent sale of 1000000 units of SOL, worth approximately 107000000 USD, and stated that it may continue selling. On-chain data shows that its average purchase price was approximately 194 USD, implying an unrealized loss of more than 160000000 USD。October 13 Form 8-K shows that the company's SOL holdings have fallen to approximately 600000 units, down by approximately from the statement of "more than September units" in mid-2000000. The timing of the sales, average transaction price, and approval process had not previously been fully disclosed to shareholders.

Bastion Trading, a major shareholder holding approximately 9.99%of the outstanding common shares, spoke out today, expressing serious concern about the cash tender offer announced by SkyAI October 11 and stating that it will not participate until its concerns are properly addressed. It demanded the immediate full disclosure of the disposal details for SOL, the launch of an independent review, the reconstitution of the board of directors, and an increase in the offer price from 3.00 USD per share to at least 3.50 USD, among other measures. Bastion Trading also pointed out that at the 2026 annual meeting of stockholders, all five incumbent directors received far more abstentions than affirmative votes, with some ratios approaching three to one. It questioned whether the incumbent board, having lost shareholder confidence, should continue to lead the sale of core reserves and pursue the tender offer.

Original link https://m.theblockbeats.info/flash/371834

Key points

BlockBeats reports that SkyAI previously held more than 2000000 units of SOL and has transferred approximately October since 1570000 units of SOL, worth approximately 175000000 USD。
The report states that SkyAI has disclosed the recent sale of 1000000 units of SOL, worth approximately 107000000 USD, and stated that it may continue selling.
The report cites on-chain data stating that SkyAI's SOL average purchase price was approximately 194 USD, implying an unrealized loss of more than 160000000 USD。
The report states that October 13 Form 8-K SkyAI's SOL holdings have fallen to approximately 600000 units.
Bastion Trading, which holds approximately 9.99%of the outstanding common shares, stated that it would not participate in the cash tender offer announced by SkyAI on October 11.
Bastion Trading demands disclosure of the SOL disposal details, the launch of an independent review, the reconstitution of the board of directors, and an increase in the offer price from 3.00 USD per share to at least 3.50 USD。
Bastion Trading said that at the 2026 annual meeting of stockholders, the five incumbent directors each received far more abstentions than affirmative votes, with some ratios approaching three to one.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

SkyAI uses SOL as its digital asset reserve, but reports indicate that it recently transferred and sold a large amount of SOL, leaving approximately 600000 units. Shareholder Bastion Trading therefore questioned the asset disposal, board governance, and cash tender offer, and demanded that the company disclose more information, undergo an independent review, and increase the acquisition price.

Why it matters to readers

The event involves significant changes to SkyAI's core SOL reserve, the terms of the cash tender offer, and a dispute over board governance. Subsequent formal disclosures will affect the market's assessment of its remaining holdings, the sale process, and the tender offer arrangements.

Beginners should distinguish between sales disclosed by the company, on-chain transfers cited in reports, and the concerns raised by shareholders; transferring tokens does not necessarily mean that a sale has been completed.

Risks and unknowns

The current evidence is a BlockBeats report, without the Form 8-K original article, the company's original disclosure, on-chain records, or Bastion Trading's complete statement.
Whether all of the approximately 1570000 units SOL transferred were part of sales has not been confirmed by the evidence.
SOL The specific timing of the sales, average transaction price, and approval process have not yet been clearly disclosed.
The average purchase price of approximately 194 USD and unrealized loss of more than 160000000 USD come from on-chain estimates cited in the report and still require verification.

SkyAI sharply reduces its holdings SOL, major shareholder Bastion Trading opposes the tender offer and demands disclosure

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