TL;DR:
SkyAI slashed its Solana reserves by 70% in under a month, dropping from over 2 million SOL reported on September 14 to roughly 600,000 units in its Form 8-K filed on October 13, 2026.
Investment firm Bastion Trading, which holds nearly 10% of SkyAI’s equity, announced on October 14, 2026, that it will not participate in the share tender offer valued at approximately $201 million until it receives clarification.
The shareholder is demanding the purchase price be raised from $3.00 to $3.50 per share and that warrants granted to an entity affiliated with the family of SkyAI’s chief investment officer be excluded.
Investment firm Bastion Trading demanded formal explanations from SkyAI after uncovering an unexplained reduction of 400,000 tokens in the corporate treasury during the recent Solana sale , before its $201 million tender offer moves forward.
The corporate dispute stems from accounting discrepancies in the balance sheets reported by management. SEC filings showed that the company’s treasury dropped from holding more than 2 million SOL on September 14 to approximately 600,000 units in its latest regulatory disclosure.
Bastion Trading announced it will freeze its participation in the transaction until clear data regarding market executions is provided. According to market reports, the institutional firm considers the transactions carried out over recent weeks a fundamental departure from the original digital asset reserve strategy.
In mid-September, management claimed to maintain a position valued at roughly $207 million under an active custody policy in Solana .
However, on October 11, 2026, SkyAI announced it had liquidated nearly one million tokens while still holding a comparable amount on its balance sheet. The surprise for investors came the following day with the filing of Form 8-K, which revealed that the actual remaining balance had fallen to around 600,000 SOL.
According to public statements issued by Bastion , management must immediately disclose the exact sale dates, volumes offloaded, realized prices, and the internal committees that authorized the liquidation.
Financial demands and internal governance dispute
SkyAI intended to use these proceeds to fund a tender offer program to buy back up to 95% of its outstanding shares and warrants for nearly $200 million. The initial terms set a purchase price of $3.00 per common share.
The opposing firm argues that the current valuation harms minority holders . According to Bastion’s position, the minimum compensation price should be set at $3.50 per share to properly reflect the capital raised through the divestments.
The complaint also addresses alleged conflicts of interest within the executive leadership structure. The investment firm requested the exclusion from the buyback plan of warrants granted to an entity linked to the brother of SkyAI’s Chief Investment Officer (CIO).
Tensions between shareholders and the board of directors have been mounting since the close of Q3 2026 . During the annual general meeting held in September, all five company directors received more votes against than in favor, though they retained their board seats due to the lack of removal mechanisms in the corporate bylaws.
The next major milestone for the company will occur with the formal opening of the tender offer acceptance period, when the board of directors must formally respond to the audit and pricing conditions set by its key institutional shareholders.
