Following SkyAI’s massive sell-off of SOL, major shareholders have raised questions about the acquisition offer and demanded the company provide full disclosure.

Nasdaq-listed company SkyAI, which centers its digital asset reserves on Solana, previously held over 2 million SOL tokens. Since October, the firm has transferred around 1.57 million SOL, valued at roughly $175 million; SkyAI disclosed it recently sold 1 million SOL for approximately $107 million, and noted it may continue selling. On-chain data shows its average purchase price was around $194, with an unrealized loss of over $160 million based on recent prices. A Form 8-K filed on October 13 revealed the company’s SOL holdings had dropped to roughly 600,000 tokens, a nearly 70% reduction from the "over 2 million" figure cited in mid-September. The timing of the sales, average transaction price, and approval process were not fully disclosed to shareholders previously. Major shareholder Bastion Trading, which holds approximately 9.99% of outstanding common shares, issued a statement today expressing serious concerns over SkyAI’s cash tender offer announced on October 11, stating it will not participate until its concerns are adequately addressed. The firm demanded immediate full disclosure of SOL disposal details, an independent review, a board restructuring, and an increase of the tender offer price from $3.00 per share to at least $3.50 per share, among other requests. Bastion Trading also noted that at the 2026 annual general meeting, all five incumbent directors received far more abstentions than votes in favor, with some ratios approaching 3-to-1, questioning whether the current board, having lost shareholder confidence, still leads the sale of core reserves and the tender offer.