Bastion Trading Opposes SkyAI Tender Offer Over Treasury Liquidation Concerns
Major shareholder demands higher price and governance changes following significant Solana treasury sell-off.
1Tender Offer Faces Resistance
SkyAI faces significant opposition from Bastion Trading, a 9.99% shareholder, regarding its proposed $201 million tender offer. The company intends to purchase up to 95% of outstanding shares and warrants at $3 per share. Bastion has formally declared it will not participate unless the firm addresses critical governance and pricing concerns immediately.
2Solana Treasury Liquidation Discrepancies
Bastion highlights a major discrepancy regarding SkyAI’s Solana holdings. While the company initially reported selling 1 million SOL, regulatory filings suggest 70% of the treasury was liquidated in under a month. Only 600,000 SOL reportedly remain, raising urgent questions about the timing, execution prices, and transaction costs of these massive asset sales.
3Demands for Financial Transparency
The investor demands full disclosure regarding the Solana liquidation strategy. Bastion seeks clarity on average execution prices and the internal approval process for these transactions. This request follows SkyAI’s previous public reaffirmation of its digital asset treasury strategy, which occurred shortly before the company held over 2 million SOL tokens in reserve.
4Governance and Board Challenges
Bastion is challenging the authority of SkyAI’s current board to oversee this capital restructuring. At the 2026 annual meeting, all five incumbent directors received more withhold votes than votes in favor. Consequently, the investor is pushing for a board refresh and the establishment of an independent special committee to manage the process.
5Valuation and Price Disagreements
Bastion argues the $3 tender price is inadequate, proposing a minimum of $3.50 per share instead. This figure is contrasted against Bastion’s estimated net asset value of approximately $3.30 per share. The investor insists that the current offer fails to reflect the true value of the company’s remaining assets and strategic potential.
6Specific Structural Demands
Beyond pricing, Bastion has outlined several structural requirements for the tender offer to proceed. They want the removal of the $100 SOL price condition and the elimination of the 50% minimum participation threshold. Additionally, they seek to exclude strategic-advisor warrants and prevent company insiders from tendering securities they currently hold in their portfolios.
7Broader Strategic Context
This dispute follows SkyAI’s rejection of an unsolicited all-stock takeover proposal from Forward Industries. The company’s capital strategy remains under intense scrutiny as it attempts to navigate both market volatility and internal shareholder pressure. The outcome of this tender offer will likely define the future direction of SkyAI’s corporate governance and asset management.
8Implications for Crypto Treasuries
The conflict highlights the growing tension between crypto-focused companies and their investors regarding treasury management. As SkyAI attempts to fund its buyback through asset liquidation, the governance fight proves as critical as the token price itself. Shareholders are now prioritizing transparency and board accountability over the immediate liquidity provided by the tender offer.