SkyAI Sells 1 Million SOL at a Loss of Over $160 Million, Major Shareholder Demands Full Disclosure

SkyAI has transferred approximately 1.57 million SOL since October, valued at around $175 million. The company recently sold 1 million SOL, equivalent to about $107 million, and may continue to sell more. On-chain data shows that the average purchase price was around $194, estimating a loss of over $160 million based on recent prices. The Form 8-K filed on October 13 indicates that the company's SOL holdings have decreased to about 600,000 SOL, a reduction of approximately 70% from over 2 million disclosed in mid-September. Major shareholder Bastion Trading expressed concerns regarding SkyAI's cash tender offer announced on October 11, demanding immediate full disclosure of the SOL disposal details, the initiation of an independent review, a reorganization of the board, and an increase in the offer price from $3.00 per share to at least $3.50. Bastion Trading pointed out that the number of abstentions received by the five current directors in the 2026 annual shareholder meeting far exceeded the votes in favor, questioning the current board's authority to continue selling core reserves and advancing the tender offer after losing shareholder trust.

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