SkyAI has recently offloaded large volumes of SOL, with major shareholder Bastion Trading questioning the tender offer and demanding full disclosure.

Nasdaq-listed company SkyAI, with core holdings centered on Solana digital assets, previously held over 2 million SOL. Since October, the firm has transferred roughly 1.57 million SOL, valued at approximately $175 million. SkyAI recently disclosed selling 1 million SOL for about $107 million, and noted it may continue selling. On-chain data shows its average purchase price is around $194, translating to an unrealized loss of over $160 million based on current prices. A Form 8-K filed on October 13 revealed SkyAI’s SOL holdings have dropped to roughly 600,000 tokens, a nearly 70% decrease from the "over 2 million" figure cited in mid-September. The sales timing, average transaction price and approval process were not fully disclosed to shareholders beforehand. Bastion Trading, a major shareholder holding approximately 9.99% of outstanding common shares, issued a statement today expressing serious concern over SkyAI’s cash tender offer announced on October 11. Bastion said it will not participate in the offer until its concerns are properly addressed, and demanded immediate full disclosure of SOL disposal details, an independent review, a board restructure, and an increase in the tender offer price from $3.00 per share to at least $3.50. Bastion also noted that at the 2026 annual general meeting, all five incumbent directors received far more abstentions than votes in favor—some with a nearly 3-to-1 ratio—questioning the current board, which has lost shareholder trust, for still leading the sale of core reserves and advancing the tender offer.