Current outcome
SkyAI has fully liquidated its SOL holdings and formally launched a $3 per share/warrant cash tender offer for up to 95% of shares and warrants, funded entirely from about $223.8M in cash, with no SOL-price condition, expiring Oct 30; Bastion Trading's earlier opposition to the offer remains part of the event backdrop.
Progress timeline
5 material updates- #01
SkyAI, which holds over 2M $SOL($220M), appears to be dumping $SOL at a loss!
On-chain data shows SkyAI, a holder of over 2M SOL (~$220M), has moved 568,000 SOL (~$63.87M) to exchanges in three days, apparently realizing a loss of roughly $46M against a ~$194 average entry.
Source evidence: lookonchainchannel
- #02
🔍 链上侦探 | SOL财库公司SkyAI正清算其SOL储备，5天累计卖出约125万枚SOL
SkyAI is liquidating its SOL reserves, having sold roughly 1.25 million SOL (~$138M) over five days, including a 211,623 SOL transfer to Coinbase Prime; the company announced the sale is to fund a buyback of 95% of its outstanding shares.
State after update: SkyAI is liquidating its SOL reserves, having sold roughly 1.25 million SOL (~$138M) over five days to fund a buyback of 95% of its outstanding shares.
Source evidence: theblockbeats · foresightnews
- #03
SkyAI已出售100万枚SOL套现1.07亿美元，持仓浮亏超1.6亿美元
SkyAI disclosed it has sold 1 million SOL for about $107M and signaled possible further sales; on-chain data now shows about 1.57M SOL (~$175M) moved out since early October, with unrealized losses exceeding $160M on a ~$194 average cost basis.
State after update: SkyAI remains in an ongoing SOL liquidation: it has disclosed selling 1 million SOL for about $107M and may sell further; on-chain outflows since early October total about 1.57M SOL (~$175M), with unrealized losses over $160M on a ~$194 average cost basis, while the previously announced buyback of 95% of shares continues to be funded.
Source evidence: theblockbeats · lookonchainchannel
- #04
SkyAI 近期大额抛售 SOL，大股东 Bastion Trading 质疑要约收购并要求全面披露
An Oct 13 Form 8-K shows SkyAI's SOL holdings have fallen to about 600,000, down roughly 70% from the 'over 2M' disclosed in mid-September; 9.99% holder Bastion Trading publicly challenged the company's Oct 11 $3.00/share cash tender offer, demanding immediate full disclosure of SOL disposals, an independent review, board changes, and a higher tender price of at least $3.50/share before it will participate.
State after update: SkyAI remains in an ongoing SOL liquidation: it disclosed selling 1M SOL for about $107M, on-chain outflows since early October total about 1.57M SOL (~$175M), an 8-K shows holdings down to ~600K SOL, with unrealized losses over $160M on a ~$194 average cost basis; its Oct 11 $3.00/share cash tender offer to buy back 95% of shares is now publicly opposed by 9.99% holder Bastion Trading, which demands full disclosure, an independent review, board changes, and a higher price of at least $3.50/share.
Source evidence: theblockbeats
- #05
【SkyAI 已清仓全部 SOL，启动现金要约收购最多 95% 股份及认股权证】
SkyAI launched its cash tender offer on Oct 16 at $3 per share or warrant for up to 95% of outstanding shares and warrants, totaling about $201.3M if fully subscribed; it said that as of Oct 16 it had sold all SOL and held about $223.8M cash, so the offer is no longer conditioned on SOL price and expires Oct 30.
State after update: SkyAI has fully liquidated its SOL holdings and formally launched a $3 per share/warrant cash tender offer for up to 95% of shares and warrants, funded entirely from about $223.8M in cash, with no SOL-price condition, expiring Oct 30; Bastion Trading's earlier opposition to the offer remains part of the event backdrop.
Source evidence: foresightnews