Bastion Trading has escalated its dispute with SkyAI over the company's sale of most of its Solana holdings, demanding fuller disclosure before the digital asset treasury firm launches a proposed $201 million share buyback. The investment firm and its affiliates hold roughly 9.99% of SkyAI. Digital asset treasury firms hold cryptocurrencies as principal balance-sheet assets, so the size of a company's token reserves — and how clearly management discloses changes to them — bears directly on the value backing each share. In a Wednesday statement, Bastion said it would not tender its shares at $3 each unless the board addressed its concerns, and it urged other investors to delay participation. SkyAI is pressing ahead with the buyback despite continuing disputes over board representation and transaction terms.

SkyAI Reports Sharp Fall in SOL Holdings

SkyAI's Solana position has contracted sharply. On September 14, the company reported holding more than 2 million SOL, then worth roughly $207 million. On October 11, it said it had sold about 1 million tokens and retained roughly 1 million. A separate Solana price analysis placed SOL near $121 in early October.

An October 13 filing with the Securities and Exchange Commission, however, put SkyAI's remaining balance near 600,000 SOL. The figures indicate a decline of at least 70% since September, and a gap of roughly 400,000 tokens remains between the two disclosures — a difference Bastion has questioned as unexplained. For a treasury company, that reported balance is the core asset behind its shares, which is why the discrepancy has become the focal point of the dispute.

Bastion Demands Full Transaction Details

Bastion has asked SkyAI to account for every recent sale, including dates, amounts, prices, fees and proceeds. It also requested records showing how directors reviewed and approved the transactions, and pressed the company on why the sales were not announced to shareholders sooner. Those line-item details are the benchmarks investors typically use to judge whether treasury sales were executed at fair terms and in line with a stated strategy.

The shareholder characterized the sales as a departure from SkyAI's Solana treasury strategy and called for an independent review. Broader exposure to SOL remains available through Solana investment funds; a recent report valued Bitwise's staking fund near $1.3 billion.

Board Election Fuels Shareholder Dispute

SkyAI's September shareholder meeting added another point of contention. Each of the company's five directors received more votes to withhold support than votes in favor, although the company's election rules allowed them to remain in office — a result that underscores the depth of existing shareholder dissatisfaction.

Bastion has renewed its demand for independent directors and a committee to examine the buyback. The firm also opposes the award of adviser warrants, citing their grant to a company controlled by the brother of SkyAI's investment chief. Separately, SkyAI rejected a takeover proposal from Forward Industries.

Buyback Terms Face Further Objections

Under the current plan, SkyAI will offer $3 per share, or an eligible warrant, and buy up to 95% of each share class. Tender offers of this kind let shareholders sell directly back to the issuer at a stated price, and participation by outside holders determines how much of that capacity is actually used. Metaplanet, another crypto treasury company, recently announced a share buyback program of its own, although its terms differ.

Bastion wants the offer raised to at least $3.50 per share, along with restrictions on insider participation. SkyAI expects to begin the offer around October 15, subject to conditions including SOL staying above $100. Its filing said the company had already gathered about 80% of the cash required for the repurchase. With the launch window approaching, the unresolved 400,000-token disclosure gap, the $100 SOL condition and Bastion's push for a higher price give investors concrete markers to track as the offer opens.
Source: Blockonomi