StocksMediumUpdated×2•Originally published 14 October 2026•Updated 15 October 2026•
1 min read
Bastion Rejects $3 SkyAI Tender Offer, Reveals 400,000 Solana Token Sale
Key Facts
1Bastion Trading, owner of 9.99% of SkyAI's common stock, expressed opposition to the company's proposed cash tender offer.
2Bastion demanded full disclosure regarding SkyAI's disposal of approximately 70% of its Solana (SOL) holdings.
3The shareholder group called for a reconstitution of SkyAI's board and the appointment of independent oversight.
Bastion Trading rejected SkyAI's cash tender offer of $3 per share, demanding the price be increased to $3.50. Reuters reported that the shareholder group, which holds a 9.99% stake, revealed that SkyAI's disposals of Solana (SOL) totaled 400,000 tokens, accounting for approximately 70% of the company's digital treasury holdings.
Bastion revealed that the liquidation of 70% of the SOL holdings occurred between September 14 and October 13, 2026. SKYA closed at $2.61 on October 13, 2026, as the group continues to demand full disclosure regarding these sales and calls for a board reconstitution and independent oversight to address digital asset management concerns.