Solana Treasury Firm SkyAI Sells Nearly 70% of SOL Holdings…
By Karthik Subramanian
AI summary of the source article
SkyAI reduced its Solana holdings by roughly 70% to finance a proposed $201 million share repurchase tender offer. The move prompted major shareholder Bastion Trading to challenge the offer and demand greater transaction transparency.
Why it matters
The situation highlights a broader challenge for digital asset treasury companies: balancing cryptocurrency accumulation strategies against shareholder demands for liquidity and capital returns.
Key facts
- SkyAI's Solana holdings dropped from over 2 million SOL on September 14 to approximately 600,000 SOL by October 13.
- SkyAI plans to repurchase up to 95% of its outstanding securities at $3 each in a proposed $201 million tender offer funded partly by SOL sales.
- Bastion Trading, holding approximately 9.99% of SkyAI's common shares, challenged the offer and demanded full disclosure of transaction dates, prices, and proceeds.
Source excerpt · FinanceFeeds
SkyAI, a Nasdaq-listed cryptocurrency treasury company, has reduced its Solana holdings by approximately 70% in less than a month, prompting demands for greater transparency from one of its largest shareholders. The company disclosed that it held approximately 600,000 SOL in an October 13, 2026, filing with the US Securities and Exchange Commission, compared with more than 2 million SOL reported o…