Wu Blockchain: SkyAI Liquidates Over 2 Million SOL a Month After Reaffirming Solana Treasury Strategy Just Four Days Before Annual Meeting

SkyAI, a Solana treasury company, confirmed on October 19 that it had sold all of its SOL holdings, leaving about $223.8 million in cash as of October 16. The disclosure came about a month after the company reaffirmed its commitment to its Solana digital asset treasury (DAT) strategy on September 14, just four days before its annual shareholder meeting, and reported holdings of more than 2 million SOL. Bastion Trading, which together with affiliates holds about 9.99% of SkyAI, issued an October 21 statement criticizing the liquidation of the entire SOL treasury without prior notice to shareholders or input from them. It called on the executive chairman and relevant directors to publicly explain their oversight and approval of the sales and tender offer. Bastion said the directors should voluntarily resign if they cannot demonstrate meaningful accountability, or otherwise call a special shareholder meeting. SkyAI previously said the SOL sales were intended to fund its cash tender offer of $3 per share or for eligible warrants. Bastion has called for improved terms: raising the offer price to at least $3.50, allowing 100% of prefunded warrants to be tendered instead of 95%, and excluding insider-related strategic advisor warrants to ensure fairer treatment of investors.