SkyAI Exits Entire Solana Treasury, Drawing Investor Backlash
SkyAI liquidated all of its SOL, more than 2 million tokens, about a month after reaffirming a Solana treasury strategy, and reported roughly $223.8 million in cash as of October 16. Bastion Trading, which holds about 9.99%, criticized the lack of shareholder notice and input and sought public accountability. The disclosures did not specify sale dates, execution prices or reasons for the liquidation.
SkyAI, which had positioned itself around a Solana-focused treasury, disclosed on September 14 that it held over two million SOL, four days before its annual shareholder meeting. On October 19 it confirmed that the entire position had been sold. Its cash stood at about $223.8 million on October 16.
Bastion Trading and affiliates, owning roughly 9.99%, issued an October 21 statement. They said shareholders received no advance notice or chance to weigh in. They asked the executive chairman and directors to explain oversight and approval of the SOL sales and tender offer, suggesting resignations or a special shareholder meeting if accountability is not shown.
The episode could affect more than SkyAI’s shareholders. Investors in similar crypto-treasury companies may reassess how much they trust stated strategies and how much notice they expect before major asset sales. Employees, counterparties and retail holders may also face uncertainty if governance disputes escalate. More broadly, the case may reinforce calls for clearer disclosure and shareholder involvement in corporate digital-asset decisions, though its wider market impact remains uncertain.