SkyAI's massive sell-off of SOL triggers major shareholder doubts over acquisition offer, demands full company disclosure.

October 14 — Nasdaq-listed company SkyAI, which centers on a Solana digital asset reserve and previously held more than 2 million SOL, has transferred out about 1.57 million SOL since October, worth approximately $175 million; SkyAI has disclosed a recent sale of 1 million SOL, equivalent to about $107 million, and said it may continue selling. On-chain data shows its average purchase price was about $194, and based on recent prices it is sitting on an unrealized loss of more than $160 million. A Form 8-K on October 13 showed the company's SOL holdings had fallen to about 600,000, a roughly 70% decrease from the "more than 2 million" stated in mid-September, with the timing of the sales, average transaction prices, and approval process previously not fully disclosed to shareholders.

Major shareholder Bastion Trading, which holds about 9.99% of outstanding common stock, spoke out today, expressing serious concerns about the cash tender offer SkyAI announced on October 11, saying it will not participate until those concerns receive a proper response, and demanding immediate and full disclosure of the SOL disposal details, the launch of an independent review, a restructuring of the board, and an increase in the offer price from $3.00 per share to at least $3.50 per share, among other things. Bastion Trading also pointed out that at the 2026 annual shareholders meeting, all five incumbent directors received far more abstentions than affirmative votes, with some approaching three to one, questioning how the current board can still lead the sale of core reserves and push forward the tender offer after losing shareholder trust.