TL;DR
- SkyAI completed the sale of roughly 2 million SOL and now holds about $223 million in cash, ending its Solana digital-asset treasury strategy.
- An amended tender offer could cost approximately $214.3 million if fully subscribed, while Bastion agreed to tender all shares and warrants and accept a three-year standstill.
- SkyAI expanded purchases of pre-funded warrants to 100% and added stapled warrants, while the $3.00 common-share tender price remains unchanged today.
SkyAI has completed the unwind of its Solana treasury strategy and expanded a cash tender offer after settling with activist shareholder Bastion Trading. In the latest company update, the amended offer could cost about $214.3 million if fully subscribed, against roughly $223 million in cash. The company has converted its former SOL treasury into cash for a shareholder exit mechanism, reversing its role as a corporate holder of Solana.
SkyAI Expands Tender Terms After Bastion Settlement
Bastion, which owns about 9.99% of SkyAI, agreed to tender all shares and warrants and enter a three-year standstill. SkyAI expanded the offer to purchase up to 100% of each class of pre-funded warrants instead of 95% and added stapled warrants at $0.17 each. The settlement removes a major source of shareholder opposition while keeping the $3.00 common-share tender price unchanged. Bastion had previously pushed for $3.50 per share amid pressure over SkyAI’s Solana sales.
The cash behind the offer comes after SkyAI sold approximately 2 million SOL at an average price net of fees of $107.20. The company had acquired the tokens at an average cost near $194, while annual disclosures cited a roughly $198 cost basis. SkyAI has now fully exited the digital-asset treasury strategy that made SOL the center of its balance sheet. The transition follows its complete liquidation of the Solana treasury, leaving cash rather than tokens to support the tender.
The timing also coincides with a difficult month for Solana investment products. Spot SOL ETFs recorded $99.62 million in October outflows, while total net assets declined to $1.54 billion from roughly $1.9 billion in September. SkyAI’s treasury exit and ETF withdrawals occurred alongside broader weakness in institutional Solana exposure, but the data does not establish a common cause. Recent Solana ETF outflows provide market context without proving fund redemptions drove SkyAI’s decision.
SkyAI’s reversal is notable because it held more than 2 million SOL only six weeks earlier and had built one of the larger public-company Solana treasuries. The company is now offering shareholders cash while Bastion receives the same pricing and potential proration as other holders in the relevant classes. The amended $214.3 million tender represents the endpoint of SkyAI’s SOL treasury unwind, not a temporary reduction in holdings. Its balance-sheet strategy has moved from concentrated token exposure toward cash-backed repurchases as the tender advances.
