SkyAI's Solana treasury fell 70% in under a month, leaving 400,000 SOL unexplained. Bastion Trading, a major shareholder, has pushed back, refusing to tender shares at the company's $3 (USD) offer. The standoff raises fresh questions about transparency in corporate crypto treasury management.
What actually happened
According to The Block, SkyAI's SOL holdings fell 70% in under a month, reported 14 October 2026. The report says 400,000 SOL remain unexplained, with no public accounting from SkyAI on where the tokens went. Bastion Trading, identified as a major shareholder, has rejected the company's tender offer of $3 per share, countering with a demand for $3.50 (USD) per share. The outlet reports Bastion is pressing SkyAI for clarity on the SOL sales behind the treasury decline. No further financial details, such as total treasury size before the drop or current SOL holdings, were disclosed in the report.
How we got here
Public companies holding large cryptocurrency treasuries have faced growing shareholder scrutiny as token price swings directly affect balance sheets. SkyAI's case fits that pattern, but the report does not detail when SkyAI built its SOL position or why. The disagreement between Bastion Trading and SkyAI over a tender offer price, $3 versus $3.50, signals a broader rift over how to value a treasury after a steep decline. The source material does not specify prior shareholder actions, board responses, or regulatory involvement, leaving the full history of this dispute unclear.
Why this matters for you
For SkyAI shareholders, the standoff could affect any future buyback or exit price, since Bastion's counteroffer sets a higher bar at $3.50 per share. For Solana holders generally, a large unexplained movement of 400,000 SOL from a corporate treasury could add short-term uncertainty around supply. For builders and other companies holding crypto treasuries, this case is a reminder that shareholders may demand detailed reporting on token sales, not just quarterly totals. Expect more scrutiny as crypto treasury holdings become a common balance-sheet strategy.
The bigger question
If a public company's crypto treasury can shrink 70% in a month without a clear explanation, what reporting standard should shareholders expect? Should firms holding large token treasuries disclose sales in near real time, the way some disclose stock buybacks? The SkyAI dispute may become a test case for how transparent corporate crypto treasuries need to be, and who gets to demand that transparency.
What to watch
Watch for SkyAI's response to Bastion Trading's $3.50 counteroffer, and whether the company explains the 400,000 SOL gap. No official timeline was given for resolving the tender offer dispute as of 14 October 2026. Further disclosures from SkyAI or regulatory filings could clarify the treasury's current status and the fate of the buyback talks.
