SkyAI Dumps 2 Million SOL For $223.8 Million Cash

SkyAI Dumps 2M SOL for $223.8M Cash, Triggers Shareholder Revolt

SkyAI liquidated its entire 2 million SOL position weeks after reaffirming its digital asset treasury strategy, drawing criticism from major shareholder Bastion Trading over lack of disclosure.

The Digital Assets Desk

Gokhshtein Media

October 21, 2026

3 min read

SkyAI confirmed on Oct. 19 it liquidated its entire SOL holdings, leaving approximately $223.8 million in cash as of Oct. 16. The move came less than a month after the company publicly reaffirmed its commitment to its Solana digital asset treasury (DAT) strategy.

On Sept. 14—four days before its annual shareholder meeting—SkyAI disclosed holdings of more than 2 million SOL. The company then reversed course without prior shareholder notification.

Bastion Trading, which holds approximately 9.99 percent of SkyAI, issued a statement on Oct. 21 criticizing the complete liquidation without notice or input from shareholders. The firm demanded a public explanation from SkyAI's executive chairman and relevant directors regarding their oversight and approval of the sales.

Bastion called for either voluntary director resignations if accountability cannot be demonstrated or a special shareholder meeting to address the issue. SkyAI said the SOL sales were intended to fund a $3-per-share cash tender offer.

Bastion is pushing for improved tender terms: an offer price increase to at least $3.50 per share, 100 percent tender of pre-funded warrants (up from the current 95 percent), and exclusion of insider-related strategic advisor warrants from the tender process.

On Sept. 14—four days before its annual shareholder meeting—SkyAI disclosed holdings of more than 2 million SOL. The company then reversed course without prior shareholder notification.