SkyAI’s Solana treasury has fallen sharply in less than a month, while the company is preparing a cash tender offer funded partly by selling SOL. Bastion Trading, which says it owns about 9.99% of SkyAI’s common stock, is refusing the proposed terms and demanding a complete account of the sales. Public filings confirm the latest balance and the offer’s conditions, but they do not explain an approximately 400,000-SOL discrepancy between two recent disclosures.
What changed in SkyAI’s Solana treasury
The reported reduction is roughly 70%. SkyAI disclosed more than 2 million SOL in September, then described substantial sales in an October 11 announcement. Its October 13, 2026 Form 8-K reported that approximately 600,000 SOL remained.
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| Date | Disclosure | What it establishes |
|---|---|---|
| September 2026 | More than 2 million SOL disclosed | The starting point for the reported month-to-month reduction |
| October 11, 2026 | About 1 million SOL sold and about 1 million SOL remaining | A company description of sales and the remaining balance |
| October 13, 2026 | Form 8-K says approximately 600,000 SOL remained | The latest balance stated in the filing |
The October 11 description and the October 13 filing do not reconcile on their face. If roughly 1 million SOL was said to remain on October 11, the later 600,000-SOL balance implies an additional difference of about 400,000 SOL. The public materials identified for this report do not establish whether that difference reflects additional sales, a correction, transfers, measurement timing, or another event. It should therefore be treated as unresolved, not assigned to a specific cause.
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Why the sales are central to the dispute
SkyAI’s proposed transaction would use cash on hand and proceeds from selling SOL to repurchase securities issued by the company. The treasury asset is therefore not just an investment holding: its remaining amount and sale proceeds affect how much cash SkyAI can deploy and whether the offer can be completed on the stated terms.
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The October 13 filing says SkyAI retained approximately 600,000 SOL and had approximately 80% of the cash required for the offer. That leaves the company dependent on its remaining cash, further asset sales or both for the balance, subject to the offer’s conditions.
How SkyAI’s $3 tender offer is structured
SkyAI announced an intended cash tender offer for up to 95% of each listed class of securities. The proposed price is $3.00 per share or warrant, with a maximum aggregate purchase price of approximately $201 million.
| Term | Proposed condition |
|---|---|
| Securities covered | Common stock, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic advisor warrants |
| Maximum sought | Up to 95% of each class |
| Price | $3.00 per share or warrant |
| Maximum aggregate consideration | Approximately $201 million |
| Expected timing | About October 15, 2026, for 10 business days, subject to final materials and conditions |
| Minimum participation | Expected valid tenders of at least 50% of each class |
| SOL price condition | SOL must remain above $100 per token throughout the offer period |
| Other conditions | Legal and market conditions, including avoiding Nasdaq delisting or deregistration |
The expected start date and duration are not a guarantee that the offer will launch exactly then. SkyAI said the offer remained subject to final documents and conditions. The 50% requirement applies to each class, so participation in one security class cannot necessarily compensate for insufficient tenders in another.
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What Bastion Trading is demanding
Bastion Trading and its affiliates said they beneficially own approximately 9.99% of SkyAI’s outstanding common stock. Bastion says it will not tender on the announced terms and is seeking changes to both the economics and oversight of the transaction.
- Immediate disclosure of the timing, quantity, prices, proceeds and approval process for recent SOL sales.
- A tender price of at least $3.50 rather than SkyAI’s proposed $3.00.
- Changes to the board and stronger independent oversight of the transaction.
Bastion characterized the dispute as a transparency problem involving the disposal of approximately 70% of SkyAI’s SOL holdings. Those statements are Bastion’s position; they do not, by themselves, prove that any sale was improper or that the company breached a requirement.
What is known—and not known—about the missing 400,000 SOL
The verified points are the balances and descriptions in SkyAI’s public disclosures, the proposed offer, and Bastion’s stated ownership and demands. Neither the October 13 filing nor the other materials identified here provide a transaction-by-transaction ledger that explains the gap.
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To resolve it, investors would need records showing:
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- the date and time of every SOL disposal or transfer;
- the number of tokens involved in each transaction;
- the execution price and currency received;
- gross proceeds, fees and net proceeds;
- which board or committee approved the transactions; and
- how each transaction was reflected in the company’s treasury accounting.
Until those details are published, descriptions such as “missing” SOL should be understood as a reconciliation issue between disclosures, not evidence that the tokens disappeared.
What happens if SOL falls below $100
SkyAI’s stated condition requires SOL to remain above $100 throughout the offer period. A breach of that condition could prevent the offer from proceeding or closing unless the condition is waived or otherwise addressed in the final terms. The available disclosures do not establish that SkyAI would automatically cancel the offer, nor do they state that a particular intraday price measure controls.
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A lower SOL price could also reduce the proceeds available from any planned sales, making the funding assumptions less favorable. That is an execution risk separate from whether shareholders tender enough securities to meet the 50% threshold for each class.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The four issues shareholders should evaluate
Disclosure
Can SkyAI reconcile the October 11 and October 13 balances with dated, transaction-level records?
Valuation
Bastion’s requested $3.50 price is 50 cents above SkyAI’s proposal. Assessing that difference requires considering the remaining SOL, cash on hand, obligations and the value and dilution of the different warrant classes; the disclosures summarized here do not provide a complete valuation calculation.
Governance
Shareholders must weigh the board’s authority to approve the sales and tender offer, the independence of oversight, and the treatment of strategic advisor warrants. Bastion is asking for board changes, while SkyAI’s filing sets out the proposed transaction rather than resolving that governance challenge.
Execution
The offer depends on several conditions at once: minimum valid tenders, SOL staying above $100, sufficient financing, legal and market conditions, and continued Nasdaq listing and registration. Failure of any applicable condition could change the outcome.
Bottom line for readers
SkyAI has confirmed a treasury balance of approximately 600,000 SOL and an offer that could spend up to approximately $201 million at $3 per share or warrant. Bastion’s challenge focuses on the unexplained difference between recent SOL disclosures, the proposed price and the board’s oversight. The central unanswered question is what happened to the approximately 400,000 SOL separating the October 11 description from the October 13 filing; only detailed sale and approval records can settle that issue.
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