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

BlockBeats news, 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 the 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 that the company's SOL holdings had fallen to about 600,000, a decrease of about 70% from the "more than 2 million" stated in mid-September, while the timing of the sales, average transaction prices, and approval process had not previously been fully disclosed to shareholders.

Major shareholder Bastion Trading, which holds about 9.99% of the outstanding common stock, spoke out today, expressing serious concerns about the cash tender offer announced by SkyAI on October 11, saying it will not participate until those concerns are properly addressed, 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. 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 close to 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.