SkyAI disclosed that it retained approximately 600,000 SOL on October 13, 2026, down from more than 2 million SOL disclosed in September. The roughly 70% decline has prompted Bastion Trading, a shareholder claiming approximately 9.99% ownership, to demand detailed records of the sales and reject SkyAI’s proposed $3-per-share tender offer.
What changed in SkyAI’s Solana treasury
SkyAI’s October 13, 2026 Form 8-K says the company retained approximately 600,000 SOL. That compares with more than 2 million SOL disclosed in September, implying a reduction of roughly 70% in less than a month.
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The public timeline contains a material discrepancy. In an October 11 announcement, SkyAI described selling about 1 million SOL and having about 1 million SOL remaining. Two days later, its Form 8-K reported approximately 600,000 SOL. The difference between the October 11 description and the filing is approximately 400,000 SOL. The reviewed public disclosures do not explain whether that gap reflects additional sales, different measurement dates, transfers, rounding, or another event.
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How SkyAI’s proposed tender offer works
SkyAI announced an intended cash tender offer for up to 95% of each class of its outstanding securities. The proposed price is $3.00 per share or warrant, with a maximum aggregate purchase price of approximately $201 million.
| Offer term | Published detail | Source and qualification |
|---|---|---|
| Securities covered | Common stock, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic advisor warrants | SkyAI SEC exhibit, 2026 |
| Maximum amount | Up to 95% of each listed class | SkyAI SEC exhibit, 2026 |
| Price | $3.00 per share or warrant | SkyAI Form 8-K and SEC exhibit, 2026 |
| Maximum aggregate purchase price | Approximately $201 million | SkyAI SEC exhibit, 2026 |
| Expected timing | About October 15, 2026, for 10 business days | Subject to final materials and conditions |
| Minimum participation | Valid tenders of at least 50% of each class are expected to be required | SkyAI Form 8-K and SEC exhibit, 2026 |
| SOL-price condition | SOL must remain above $100 per token throughout the offer period | Expected condition in SkyAI’s stated terms |
SkyAI says the purchases would be funded with cash on hand and proceeds from selling SOL. Its October 13 filing said it had approximately 80% of the cash required for the offer and retained approximately 600,000 SOL. The company also cited legal and market conditions and the need to avoid Nasdaq delisting or deregistration among the offer’s conditions.
What Bastion Trading is demanding
Bastion Trading and its affiliates said they beneficially own approximately 9.99% of SkyAI’s outstanding common stock. Bastion said it would not tender on the announced terms.
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Disclosure of every SOL sale
Bastion is demanding immediate disclosure of the timing, quantity, sale prices, proceeds and approval process for SkyAI’s recent SOL transactions. Its stated concern is the lack of transparency around the disposal of approximately 70% of the company’s Solana holdings.
A higher tender price
Bastion is seeking a tender price of at least $3.50, compared with SkyAI’s proposed $3.00. That is a $0.50 difference per share or warrant, before considering which securities are ultimately tendered and accepted.
Board and transaction oversight changes
Bastion is also calling for changes to the board and stronger oversight of the transaction, including scrutiny of how strategic advisor warrants are treated. Its demands make governance and conflicts review part of the dispute, not just the valuation of SOL.
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What is verified and what is still unknown
- Verified: SkyAI reported approximately 600,000 SOL on October 13, 2026.
- Verified: The proposed offer is priced at $3.00 and could cost approximately $201 million at the stated maximum.
- Verified: SkyAI said it had approximately 80% of the required cash and would use cash plus SOL-sale proceeds.
- Verified: Bastion reported approximately 9.99% ownership and said it would not tender on the announced terms.
- Unresolved: The public sources reviewed do not account for the approximately 400,000-SOL difference between the October 11 description and the October 13 filing.
No conclusion about misuse, unauthorized transfers or improper approvals follows from the discrepancy alone. Those possibilities would require records that have not been disclosed in the cited filings and releases.
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What happens if SOL falls below $100
The offer is expected to depend on SOL remaining above $100 per token throughout the offer period. If SOL falls below that level, the stated condition may fail, allowing SkyAI to decline to complete the offer or otherwise act under the final tender documents. The precise consequence will depend on the definitive materials, including any waiver rights or other conditions.
The price test also creates execution risk because SkyAI plans to use SOL-sale proceeds to fund the transaction. A lower SOL price could reduce proceeds from any additional sales while simultaneously preventing the offer from satisfying its stated condition.
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Why the dispute matters to shareholders
Disclosure risk
Shareholders need a reconciled ledger of the SOL disposals: dates, quantities, prices, counterparties or venues where required, proceeds and approving bodies. Without it, investors cannot independently connect the treasury reduction to the cash needed for the buyback.
Valuation risk
The central price dispute is $3.00 versus Bastion’s requested $3.50. A fair assessment also requires the value of SkyAI’s remaining approximately 600,000 SOL, cash balance, liabilities and the dilution or rights attached to each warrant class. The published materials do not provide a complete valuation bridge.
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The offer covers several security classes, including strategic advisor warrants. Independent board review, clear approval records and consistent treatment of holders will affect whether investors view the transaction as an orderly capital allocation decision.
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Closing risk
The offer is expected to require at least 50% valid tenders in each class, maintain the SOL price condition and satisfy legal, market and listing-related requirements. Failure of any material condition could delay, change or prevent completion.
Key dates and figures
- September 2026: SkyAI disclosed more than 2 million SOL.
- October 11, 2026: A company announcement described about 1 million SOL sold and about 1 million SOL remaining.
- October 13, 2026: The Form 8-K reported approximately 600,000 SOL and approximately 80% of the cash required for the offer.
- Around October 15, 2026: The tender offer was expected to begin, subject to final materials and conditions, and run for 10 business days.
The next decisive disclosure is a transaction-by-transaction reconciliation of the SOL sales and the final tender-offer documents. Those records will determine whether the apparent 400,000-SOL gap is an accounting-date difference or evidence of additional dispositions that were not described in the October 11 announcement.
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