Bastion Trading pressures SkyAI over 70% Solana treasury drawdown

Solana treasury — A major shareholder is challenging SkyAI over its management of a Solana (SOL) treasury that has shrunk by 70% in under a month, with hundreds of thousands of tokens unaccounted for.

Bastion Trading, a significant shareholder, has publicly pressed the company for answers regarding the sale of approximately 400,000 SOL from its treasury. The firm stated it will not tender its shares at SkyAI’s current offer of $3 per share, demanding a price of at least $3.50 instead.

The dispute centers on the rapid depletion of SkyAI’s SOL holdings, which were a core part of its treasury assets. The shareholder’s move highlights growing scrutiny over corporate treasury management and transparency in the crypto sector, particularly concerning the sale of major digital asset holdings.

The situation underscores the market impact when large, institutionally-held token troves are liquidated, potentially affecting Solana’s price liquidity and investor confidence in firms holding substantial crypto balances.