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.
