SkyAI Liquidates Solana Treasury for $201M Buyback Amid Investor Clash

The Nasdaq-listed firm confirmed it held $223.8 million in cash as of October 16, effectively clearing its balance sheet of SOL tokens to remove price-volatility conditions from its buyback plan. By liquidating its holdings—which included roughly 210,000 tokens sold at an average of $107.51—the company now intends to commit approximately 90% of its total cash reserves to the repurchase of shares and warrants. The offer is scheduled to expire on October 29.

Bastion Trading, which holds a 9.99% stake in SkyAI, has publicly challenged the terms. The investor is demanding independent oversight of the process and a full accounting of the recent token sales, citing a lack of transparency regarding the disposal of assets that were previously earmarked for long-term staking revenue. While SkyAI’s board maintains that the buyback serves corporate interests, the company’s leadership remains under pressure following a September shareholder meeting where all five incumbent directors failed to secure a majority of favorable votes.