Bastion Trading wants SkyAI's $3.00 buyback lifted to at least $3.50 after 70% of its SOL treasury was sold
Bastion Trading wants SkyAI to raise its $201 million buyback price from $3.00 to at least $3.50 and to disclose its SOL sales. Cryptopolitan reported that SkyAI sold off about 70% of its Solana holdings in less than a month, money that went toward paying for the offer.
The Investor · Invest desk
Key figures: an SEC filing two days after SkyAI's October 11 statement showed 600,000 SOL held. 400,000 SOL went unreported in previous filings, with no reason given for the additional sales. At $100 per SOL, 600,000 SOL is worth $60 million.
| Figure | Value | Note | Claim |
|---|---|---|---|
| SOL held, per SEC filing after Oct. 11 statement | 600,000 SOL | 4 | |
| Not in prior filings | 400,000 SOL | 5 | |
| Worth at $100 per SOL | 60,000,000 dollars | 26 |
What happened
- SkyAI's October 11 statement put its holding at 1 million SOL, and an SEC filing two days later showed 600,000, a 400,000 SOL gap with no stated reason for the extra sales.
- Bastion wants the dates, prices, proceeds and approvers of the sales, plus an independent review of the transactions.
- All five SkyAI directors drew more withheld votes than votes in favor at the September 18 annual meeting.
Why it matters
- What it limits constraint Plurality voting keeps the directors in their seats despite the withheld votes, so the one binding test of holder opinion is whether enough of each class tenders.
- Who's exposed exposure Holders deciding whether to tender at $3.00 are pricing a treasury whose reported size changed between a statement and a filing two days apart.
- What it sets up precedent Galaxy research describes token sales to fund buybacks as an option once a premium is gone, so Bastion's disclosure demand is a test case for the same move at other treasury companies.
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Tron Inc. can sell up to $200 million of stock into a share price down 67% in a yearConfirmed2 publishers
Putting a dollar value on the 70% figure takes a SOL price. The offer's own trigger works as a yardstick: the tender lapses if SOL falls below $100 unless SkyAI waives the condition [9]. That implies SOL trades above $100 today, so every dollar figure below is a floor. At $100, the 600,000 SOL SkyAI holds now [4] is worth $60M, about 30% of the $201M offer [26][7]. The more than two million SOL it held on September 14 [3] would have been worth at least $200M [27].
According to Cryptopolitan, SkyAI cut the treasury to help fund the offer [2]. In its own statement the company said: "The Company continues to monitor the market for SOL and may continue to sell depending on market conditions." [18]
The price demand has a definite cost. A $3.00 offer at a 65% premium [8] implies an October 9 close near $1.82 [17]; $3.50 would be a premium of about 92.5% [19] and a 16.7% raise [20]. The $201M at $3.00 implies roughly 67 million shares and warrants [21], so the extra $0.50 would cost about $33.5M [22], against the $60M the remaining SOL is worth at $100. Even at $3.50 the offer sits 46% below the $6.50 level for share and warrant units in August 2025 [33][28].
Voting has not moved the board. Soren Bo Christiansen drew 20,670,032 withheld votes against 6,894,675 in favor, about 75% withheld [23][13]; Jason Monroe's split was almost identical [14], again about 75% [24]. Both remain in their positions under plurality voting [15]. The equity incentive plan lost with 81.6% of votes cast against [25][16]. That leaves the tender as the vote that binds: it needs at least 50% of each class [9], and according to Cryptopolitan Bastion will not accept below $3.50 [10]. Cryptopolitan did not disclose the size of Bastion's stake.
SkyAI is following a template Galaxy research described, in which treasury companies that lose their premium raise cash from token sales to finance buybacks [29]. ETHZilla liquidated $40M of Ether in 2025, and Sequans sold bitcoin to pay off debts [30]. Forward Industries went the other way, holding 8,501,298 SOL and equivalents on September 30, up 948,601 in a quarter [31] and about 14 times SkyAI's current stake [34]. SkyAI turned down Forward's all-share proposal as too low [11].
SkyAI could itemize the sales and hold at $3.00, leaving Bastion a minority objector; it could raise toward $3.50 and pay about $33.5M more [22]; or SOL could drop under $100 and the offer would lapse unless waived [9]. We think disclosure comes first, because itemizing costs no cash while a higher price draws on a treasury already down to 600,000 SOL [4]. We are wrong if SkyAI raises the price without itemizing anything, or if holders tender past 50% of each class at $3.00 with Bastion holding out, since that would show 75% withheld votes did not become refusals to tender. Cryptopolitan's own limit is that it can confirm SkyAI's activity but found no proof of a wider selloff [32].
What to watch
- Whether SkyAI files anything itemizing the sale dates, prices, proceeds and approvers before the 10-business-day window from about October 15 closes.
- Whether the $3.00 price moves toward $3.50, and whether SkyAI waives the condition that SOL stay above $100.
- The next SEC filing of SkyAI's SOL holding, against the 600,000 reported now.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence60
- Adoption
- Not scored
- Hype gap+12
- Incentives65
- Confidence62
Perspective Coverage
3 publishers- Builder
- Builder 7%
- Operator
- Operator 28%
- Investor
- Investor 65%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Bastion Trading is challenging SkyAI's proposed $201 million buyback and demands disclosure of SOL sales, independent board oversight, and a price raise from $3.00 to at least $3.50.
- [2]
SkyAI cut its Solana treasury by about 70% in under a month to help fund the offer.
- [3]
On September 14, SkyAI announced it held over two million SOL; on October 11 it confirmed half had been disposed of, leaving one million.
- [4]
An SEC filing two days after the October 11 statement showed SkyAI's SOL holding had decreased to 600,000; the current number is around 600,000.
- [5]
That left 400,000 SOL unreported in previous filings, without indicating the reason for the additional SOL sales.
- [6]
Bastion wants to know when the tokens were sold, at what price, how much money was earned, and who approved the sale, and called for an independent review of the transactions.
- [7]
SkyAI offered to acquire 95% of each eligible class of shares and warrants at $3.00, a value of around $201 million.
- [8]
SkyAI described the $3.00 price as a 65% premium to the previous closing price on October 9.
- [9]
The offer period is 10 business days, commencing on or around October 15, subject to at least 50% of each class being accepted and SOL remaining above $100 unless waived.
- [10]
Bastion would not accept unless the price was increased to at least $3.50 and governance changes took place.
- [11]
SkyAI did not agree to Forward Industries' all-share proposal because it was too low.
- [12]
At the annual meeting on September 18, all five SkyAI directors received more withheld votes than supported votes.
- [13]
Soren Bo Christiansen had 6,894,675 votes for and 20,670,032 withheld.
- [14]
Jason Monroe had 6,901,524 votes for and 20,663,183 withheld.
- [15]
Christiansen and Monroe remain in their positions because of the plurality voting rules employed at the company.
- [16]
Shareholders rejected the 2026 equity incentive plan, with 22.46 million votes cast against and 5.05 million in favor.
- [17]
The October 9 close implied by a $3.00 price at a 65% premium is about $1.82.
- [18]
"The Company continues to monitor the market for SOL and may continue to sell depending on market conditions."
- [19]
A $3.50 price would be a premium of about 92.5% to the implied October 9 close.
- [20]
Raising the price from $3.00 to $3.50 is a 16.7% increase.
- [21]
A $201 million offer at $3.00 implies roughly 67 million shares and warrants.
- [22]
Raising the price by $0.50 across roughly 67 million shares and warrants would cost about $33.5 million more.
- [23]
Christiansen's withheld votes were about 75% of the votes cast on his election.
- [24]
Monroe's withheld votes were about 75% of the votes cast on his election.
- [25]
About 81.6% of votes cast on the 2026 equity incentive plan were against.
- [26]
At the $100 offer trigger, 600,000 SOL is worth $60 million, about 30% of the $201 million offer.
- [27]
At $100, more than two million SOL would be worth at least $200 million.
- [28]
The $3.00 price does not reach the $6.50 level for share and warrant units in August 2025.
- [29]
Galaxy research said that if treasury stocks begin to lose their premium, companies can raise cash through token sales to finance buybacks.
- [30]
ETHZilla liquidated $40 million in Ether in 2025, and Sequans raised cash through the sale of Bitcoin to pay off debts.
- [31]
Forward Industries held 8,501,298 SOL and equivalents as of September 30, an increase of 948,601 in a quarter.
- [32]
Cryptopolitan says it can confirm SkyAI's activity but cannot find proof of a wider selloff.
- [33]
A $3.50 price is about 46% below the $6.50 level for share and warrant units in August 2025.
- [34]
Forward Industries' SOL holding is about 14 times SkyAI's current 600,000 SOL.
Sources
3 independent publishers whose own reporting we read for this story.
- cryptobriefing.comBastion Trading challenges SkyAI’s $201M tender offer and demands transparency
1 article · October 14, 2026
- cryptopolitan.comBastion Trading challenges SkyAI's proposed $201 million buyback
1 article · October 14, 2026
- news.bitcoin.comBastion Opposes SkyAI Tender After 70% of Solana Treasury Sold
1 article · October 15, 2026