Bastion challenges SkyAI tender offer over SOL sales
Bastion Trading, which holds about 9.99% of SkyAI, is challenging the company’s $201 million tender offer and calling for more disclosure about its Solana (SOL) sales and board legitimacy. SkyAI plans to buy up to 95% of its common stock at $3 per share, alongside three classes of warrants. The offer represents a 65% premium to the October 9 closing price and requires tenders of at least 50% of each security class, as well as SOL staying above $100 during the offer period.
Bastion says SkyAI has sold roughly 70% of its SOL holdings and wants details on the sales and remaining treasury. It argues the offer should rise to at least $3.50 per share, citing an estimated net asset value of $3.30, and is seeking changes to the board. SkyAI also recently rejected an acquisition proposal from Forward Industries. The dispute could affect SkyAI shareholders’ decision to tender and keep attention on the company’s remaining SOL holdings, but its broader impact on crypto markets is likely limited.
Neutral
The news is primarily a company-specific dispute over SkyAI’s share buyback, asset disclosures and board composition. Bastion’s claim that SkyAI sold about 70% of its SOL holdings may focus short-term attention on potential SOL selling pressure, while the offer’s requirement that SOL remain above $100 could make traders watch that price level. However, the article does not establish that further SOL sales are planned or that the dispute will materially change market-wide supply or demand. Similar shareholder challenges to tender offers often increase uncertainty and volatility in the affected company’s shares, particularly when investors disagree over the offer price or asset value; they do not by themselves signal a broad crypto-market trend. In the short term, traders may monitor SOL’s price, SkyAI’s disclosures and whether the offer launches on schedule. Over the longer term, the outcome may influence confidence in SkyAI’s treasury management and valuation, but the likely effect on the wider crypto market remains limited. On balance, the implications are neutral.