Nasdaq-listed public company SkyAI has liquidated its entire Solana treasury of approximately 2 million SOL. The sale generated around $214.4 million at an average net price of $107.20 per token. The liquidation was carried out to fund an expanded cash tender offer worth roughly $214.3 million after the company reached a settlement agreement with its largest shareholder, Bastion Trading.
The sale of the Solana tokens did not take place in a single day. SkyAI offloaded the crypto assets gradually starting in early October, beginning with the sale of roughly 1 million SOL, before fully completing the liquidation on October 16, 2026. Following the divestment, SkyAI’s cash balance now stands at $223 million. This internal cash pile exceeds the maximum tender offer requirement by approximately $8.7 million prior to transaction fees, allowing the share repurchases to be fully funded by internal reserves.
However, this crypto divestment carries implications that extend beyond cash management.
Management Confirms No Future Solana Purchases
SkyAI management officially reiterated that it will not repurchase Solana once the tender offer concludes. The stance marks an end to the crypto treasury strategy that previously served as the core of the company’s public investment thesis. With the liquidation wrapped up on October 16, the firm has formally closed its digital asset portfolio chapter and pivoted entirely to conventional cash management.
Why Bastion Initially Opposed the Tender Offer
The expansion of the tender offer into hundreds of millions of dollars originated from a dispute between SkyAI and Bastion Trading. Tensions flared when Bastion protested management’s initial offer of $3.00 per share. Bastion demanded a minimum offer of $3.50 per share, accusing SkyAI of deliberately undervaluing the company’s assets while preparing to sell its crypto holdings.
Tensions between the two parties eased after a settlement was reached. Under the agreed terms, Bastion Trading consented to tender all of its holdings. The securities tendered by Bastion include 4,649,745 common shares, 4,234,615 cash pre-funded warrants, and 5,384,615 cash stapled warrants.
Three-Year Standstill Clause and Tender Extension
The settlement also binds Bastion to a 3-year standstill clause. Under this clause, Bastion is barred from acquiring additional SkyAI securities, submitting new proposals, or attempting to influence company management. In line with the agreement, the tender offer deadline has been extended to November 12, 2026.
For shareholders, this resolution puts an end to friction among key capital holders: Bastion is bound not to interfere with management’s direction for the next three years, while SkyAI’s status as a Solana reserve treasury company has officially come to an end.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
