SkyAI Sells More Than 2 Million SOL, Leaving $223.8 Million in Cash
SkyAI, a Solana treasury company, has sold all of its SOL holdings, liquidating more than 2 million tokens within roughly a month after reaffirming its commitment to a Solana-focused digital asset treasury strategy. The company reported approximately $223.8 million in cash as of October 16, according to information reported by Wu Blockchain.
The liquidation has drawn criticism from Bastion Trading, which holds approximately 9.99% of SkyAI alongside its affiliates. In a statement issued on October 21, Bastion challenged the decision to sell the company's entire Solana treasury without prior notice to or input from shareholders and called for public accountability from SkyAI's leadership.
SkyAI's Treasury Strategy Reconsidered
On October 19, SkyAI confirmed that it had sold all its SOL holdings. The disclosure marked a significant change from the position the company had communicated just weeks earlier, when it reiterated its commitment to maintaining a Solana digital asset treasury, commonly referred to as a DAT strategy.
On September 14, just four days before its annual shareholder meeting, SkyAI had reaffirmed that strategy and disclosed that it held more than 2 million SOL. The subsequent liquidation removed the cryptocurrency entirely from the company's treasury, leaving approximately $223.8 million in cash as of October 16.
The sequence of events has raised questions about the consistency between SkyAI's earlier treasury commitment and its later decision to exit its SOL position. The disclosures establish the change in the company's reported holdings, although the information provided does not specify the individual sale dates, execution prices or the reasons behind the liquidation.
Bastion Trading Demands Accountability
Bastion Trading responded on October 21, criticizing SkyAI for disposing of its entire SOL treasury without first notifying shareholders or seeking their input. The trading firm and its affiliates collectively hold approximately 9.99% of SkyAI, giving them a substantial stake in the company's decisions.
In its statement, Bastion called on SkyAI's executive chairman and relevant directors to publicly explain their oversight of the transactions and the approval process behind both the SOL sales and the tender offer. The demand places the company's governance and decision-making procedures at the center of the dispute.
Bastion also outlined potential consequences for the directors. It said they should voluntarily resign if they cannot demonstrate meaningful accountability for the decisions. Alternatively, the firm called for a special shareholder meeting, providing another route for shareholders to address their concerns.
Shareholder Concerns Over the Liquidation
The disagreement centers on more than the removal of Solana from SkyAI's treasury. Bastion's criticism specifically concerns the lack of advance notice and shareholder participation, as well as the responsibility of senior leadership and directors for approving the transactions.
The available disclosures do not provide details about the tender offer's terms, the exact timing of the SOL sales or whether the company intends to adopt a different treasury policy. They also do not establish whether SkyAI's leadership has responded publicly to Bastion's demands.
For now, the reported figures establish the scale of the shift: SkyAI disclosed holdings of more than 2 million SOL on September 14, confirmed the complete liquidation on October 19 and reported approximately $223.8 million in cash as of October 16. Bastion's October 21 statement has made the company's treasury decisions, board oversight and shareholder accountability the central issues in the dispute.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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