[UPDATE] SkyAI Liquidates Over 2 Million SOL in a Month After Reaffirming Solana Treasury Strategy Just Four Days Before Annual Meeting

Solana treasury company SkyAI confirmed on October 19 that it had sold all of its SOL holdings, leaving approximately $223.8 million in cash as of October 16. On September 14, just four days before its annual shareholder meeting, the company had reaffirmed its commitment to its Solana digital asset treasury (DAT) strategy and disclosed holdings of more than 2 million SOL.

Bastion Trading, which together with its affiliates holds approximately 9.99% of SkyAI, issued a statement on October 21 criticizing the liquidation of the company's entire SOL treasury without prior notice to or input from shareholders. It called on the executive chairman and relevant directors to publicly explain their oversight and approval of the sales and tender offer. Bastion said the directors should voluntarily resign if they cannot demonstrate meaningful accountability, or otherwise call a special shareholder meeting.

SkyAI previously said the SOL sales were intended to fund its $3-per-share or eligible-warrant cash tender offer. Bastion has called for improved terms, including an increase in the offer price to at least $3.50, allowing 100% tender of pre-funded warrants instead of 95%, and excluding insider-related strategic advisor warrants to ensure fairer treatment of investors.

https://www.globenewswire.com/news-release/2026/10/21/3385487/0/en/bastion-trading-calls-on-skyai-chairman-and-directors-to-demonstrate-accountability-and-to-provide-a-better-tender-offer-for-all-stockholders-and-pre-funded-warrant-holders.html?_gl= (first reported at 2026-10-21T15:13:11.925Z)