Bastion Challenges SkyAI Bid, Seeks SOL Treasury Review
Bastion Trading, which says it and its affiliates own about 9.99% of SkyAI’s common shares, says it will not tender unless its concerns are addressed. SkyAI’s $201 million offer would buy up to 95% of eligible shares and three classes of warrants at $3 per share, a 65% premium to the October 9 closing price. The offer also has minimum tender thresholds for each security class and requires SOL to stay above $100 during the offer period.
Bastion wants the price raised to at least $3.50 per share, citing an estimated net asset value of $3.30, and is seeking board changes and an independent review of SkyAI’s SOL sales. It says SkyAI reported selling about one million SOL, while later regulatory filings showed roughly 600,000 SOL remaining. Bastion is asking for details on sale prices, proceeds, costs and approvals. SkyAI has also rejected an acquisition proposal from Forward Industries. The dispute puts SkyAI’s valuation, governance and SOL treasury management under scrutiny, but does not confirm any additional SOL sales and is unlikely to have a broad market impact.
Neutral
The dispute concerns SkyAI’s corporate offer and treasury disclosures, rather than a confirmed change in Solana’s network fundamentals or SOL supply. In the short term, scrutiny of SkyAI’s reported SOL sales could prompt some traders to watch for potential treasury-related selling, while uncertainty around the offer may add volatility to SkyAI-linked securities. However, the summaries do not establish further SOL sales, and the corporate dispute is unlikely by itself to drive sustained SOL price moves. Longer term, clearer disclosures or an agreed change to the offer could reduce uncertainty, but the direct effect on SOL depends on actual treasury transactions and broader market conditions. The likely impact on SOL is therefore neutral.