Bastion Trading wants SkyAI's $3.00 buyback lifted to at least $3.50 after 70% of its SOL treasury was sold

Putting a dollar value on the 70% figure takes a SOL price. The offer's own trigger works as a yardstick: the tender lapses if SOL falls below $100 unless SkyAI waives the condition ^[15]. That implies SOL trades above $100 today, so every dollar figure below is a floor. At $100, the 600,000 SOL SkyAI holds now ^[3] is worth $60M, about 30% of the $201M offer ^[27][12]. The more than two million SOL it held on September 14 ^[2] would have been worth at least $200M ^[28].

According to Cryptopolitan, SkyAI cut the treasury to help fund the offer ^[34]. In its own statement the company said: "The Company continues to monitor the market for SOL and may continue to sell depending on market conditions." ^[5]

The price demand has a definite cost. A $3.00 offer at a 65% premium ^[13] implies an October 9 close near $1.82 ^[22]; $3.50 would be a premium of about 92.5% ^[23] and a 16.7% raise ^[24]. The $201M at $3.00 implies roughly 67 million shares and warrants ^[25], so the extra $0.50 would cost about $33.5M ^[26], against the $60M the remaining SOL is worth at $100. Even at $3.50 the offer sits 46% below the $6.50 level for share and warrant units in August 2025 ^[29][14].

Voting has not moved the board. Soren Bo Christiansen drew 20,670,032 withheld votes against 6,894,675 in favor, about 75% withheld ^[30][8]; Jason Monroe's split was almost identical ^[9], again about 75% ^[31]. Both remain in their positions under plurality voting ^[10]. The equity incentive plan lost with 81.6% of votes cast against ^[32][11]. That leaves the tender as the vote that binds: it needs at least 50% of each class ^[15], and according to Cryptopolitan Bastion will not accept below $3.50 ^[16]. Cryptopolitan did not disclose the size of Bastion's stake.

SkyAI is following a template Galaxy research described, in which treasury companies that lose their premium raise cash from token sales to finance buybacks ^[18]. ETHZilla liquidated $40M of Ether in 2025, and Sequans sold bitcoin to pay off debts ^[19]. Forward Industries went the other way, holding 8,501,298 SOL and equivalents on September 30, up 948,601 in a quarter ^[20] and about 14 times SkyAI's current stake ^[33]. SkyAI turned down Forward's all-share proposal as too low ^[17].

SkyAI could itemize the sales and hold at $3.00, leaving Bastion a minority objector; it could raise toward $3.50 and pay about $33.5M more ^[26]; or SOL could drop under $100 and the offer would lapse unless waived ^[15]. We think disclosure comes first, because itemizing costs no cash while a higher price draws on a treasury already down to 600,000 SOL ^[3]. We are wrong if SkyAI raises the price without itemizing anything, or if holders tender past 50% of each class at $3.00 with Bastion holding out, since that would show 75% withheld votes did not become refusals to tender. Cryptopolitan's own limit is that it can confirm SkyAI's activity but found no proof of a wider selloff ^[21].