Timeline
- 7.5
SkyAI sells off large amounts of SOL; major shareholder Bastion Trading questions tender offer and demands full disclosure
Nasdaq-listed Solana treasury company SkyAI has transferred out roughly 1.57 million SOL (~$175 million) since early October and has disclosed selling 1 million SOL (~$107 million), with a Form 8-K dated October 13 showing SOL holdings down to about 600,000 — roughly 70% below the "more than 2 million" figure it cited in mid-September. On October 14, 9.99% shareholder Bastion Trading said it will not participate in SkyAI's October 11 cash tender offer until its concerns are addressed, demanding full disclosure of the SOL disposals, an independent review, board changes, and a tender price of at least $3.50 per share instead of $3.00. A listed Solana treasury company cutting its holdings by about 70% while crystallizing disclosed losses above $160 million, and a near-10% shareholder publicly contesting the buyout, put both the disclosure practices and board accountability of listed crypto-treasury vehicles in question. On-chain data cited in the report indicates an average purchase price of about $194 per SOL, implying unrealized/realized losses above $160 million, and SkyAI has said it may continue selling. Bastion Trading also said that at the company's annual shareholder meeting, all five incumbent directors received far more abstentions than votes in favor, some approaching three to one, and questioned whether the board still has a shareholder mandate to sell core reserves and pursue the tender offer.
- 7.5
🔍 On-chain Detective | SOL treasury firm SkyAI is liquidating its SOL reserves, having sold roughly 1.25 million SOL over five days
On Oct. 12, on-chain analyst EmberCN reported that Nasdaq-listed SOL treasury company SkyAI (SKYA) transferred 211,623 SOL to Coinbase Prime about half an hour earlier. Combined with the roughly 1 million SOL the company said in a prior announcement that it had recently sold, SkyAI's SOL sales over the past five days total about 1.25 million SOL, worth roughly $138 million at current prices. According to the company's announcement, the SOL sales are intended to fund a buyback of 95% of its outstanding shares; Foresight News reported the offer is a $3-per-share cash tender for up to 95% of its common shares and warrants, with a maximum total value of about $201 million. Foresight News reported that SkyAI's recent sale of about 1 million SOL represented roughly 50% of its SOL holdings, and that the buyback would be funded from existing cash and proceeds from the SOL sales.