SkyAI Solana treasury shrinks 70% as shareholder pushes back

SkyAI Solana treasury shrinks 70% as a top shareholder pushes back

SkyAI holds about 600,000 SOL, down from more than 2 million on Sept. 14, its latest SEC filing shows.

The quick take

Price: Solana ($SOL) trades at $104.12, down 3.2% over 24 hours (CoinGecko, 19:41 UTC).
Trigger: SkyAI sold roughly 1.4 million SOL in under a month to fund a buyback of up to $201 million.
Watch: The planned tender offer, due to start around Oct. 15, requires $SOL to stay above $100.

The SkyAI Solana treasury has shrunk fast. SkyAI, a Nasdaq-listed company that holds Solana ($SOL) as its main reserve asset, now holds about 600,000 SOL, according to its latest 8-K filing with the SEC.

What happened

On Sept. 14, SkyAI said it held more than 2 million SOL. On Oct. 11, it said it had sold about 1 million SOL and still held about 1 million. The 8-K, which The Block reports was filed on Tuesday, Oct. 13, puts the balance at about 600,000 SOL.

That is a drop of roughly 70% in under a month. The Block notes the filing does not explain the extra 400,000 SOL that left the treasury after the Oct. 11 update. At the CoinGecko price of $104.12, 600,000 SOL is worth about $62.5 million.

Why it moved

SkyAI plans a cash tender offer for up to 95% of its common stock and several classes of warrants at $3.00 each. The maximum cost is about $201 million, paid with cash and SOL sale proceeds.

The offer needs at least 50% of each class to be tendered. It also requires the price of $SOL to stay above $100 during the offer period, a condition SkyAI may waive. The 8-K says the company already has about 80% of the cash it needs.

Who’s buying and selling

SkyAI says it may keep selling SOL, depending on market conditions. Bastion Trading, which holds nearly 10% of SkyAI, is pushing back, The Block reports. Bastion wants the dates, sizes and prices of every recent SOL sale, a higher offer price of $3.50 per share and a full board overhaul.

Its board also rejected Forward Industries’ latest unsolicited proposal on Oct. 11, saying it undervalued SkyAI.

What to watch next

SkyAI expects to file the formal offer documents with the SEC by Oct. 15. With $SOL at $104.12, the $100 condition sits about 4% below the current price.

Bottom line: A Solana treasury company is turning most of its SOL into cash, and a major shareholder wants a full account of the sales.