Bastion Trading Challenges SkyAI's $201M Buyback Amidst 70% SOL Treasury Drop
SkyAI's proposed $201 million buyback faces opposition from major shareholder Bastion Trading after a 70% reduction in the company's Solana holdings.
SkyAI's proposed $201 million buyback faces opposition from major shareholder Bastion Trading after a 70% reduction in the company's Solana holdings. Solana (SOL) is trading at $104.52, down 0.1% since this brief published. This is an original TLT brief synthesising 3 outlets (Cryptopolitan, Crypto Economy, The Block), with their figures cross-checked, plus live market data, as of Wed, 14 Oct 2026 23:00:04 UTC.
The dispute highlights growing scrutiny of crypto treasury management and could set a precedent for how companies handle digital asset holdings and shareholder accountability in volatile markets.
- SkyAI's Solana holdings dropped 70% in under a month, from 2M to 600,000 SOL.
- Bastion Trading, owning 9.99% of SkyAI, challenges the $201M buyback plan.
- Discrepancies in SOL sales timing and methods are under scrutiny.
- The conflict could impact how crypto companies manage treasuries and shareholder relations.
Multiple outlets, including Cryptopolitan, Crypto Economy, and The Block, confirm that SkyAI's Solana holdings fell by 70% in under a month, dropping from over 2 million SOL to approximately 600,000 SOL. They also agree that Bastion Trading, which holds nearly 10% of SkyAI's equity, has challenged the company's proposed $201 million buyback. However, The Block reports an additional detail that Bastion Trading is seeking a higher buyback price of $3.50 per share instead of the proposed $3.00, while other outlets do not mention this specific demand.
On October 14, 2026, investment firm Bastion Trading, along with its affiliates, challenged SkyAI's proposed $201 million buyback plan. This move comes after the company's 
Solana holdings experienced a dramatic 70% decline in under a month, according to reports from Cryptopolitan, Crypto Economy, and The Block.
The decline in SkyAI's Solana treasury is significant, with the holdings dropping from over 2 million SOL on September 14 to roughly 600,000 SOL by October 13, as detailed in the company's Form 8-K filing. This information is corroborated by Crypto Economy and The Block, with Cryptopolitan also noting the sharp decrease.
The disagreement between Bastion Trading and SkyAI centers around the timing and methods of the SOL sales. Bastion Trading, which owns nearly 10% of SkyAI's equity, is seeking more transparency on when and how the tokens were sold, as reported by Cryptopolitan. The Block adds that Bastion Trading is also pushing for a higher buyback price of $3.50 per share, compared to the proposed $3.00.
This conflict could have broader implications for the crypto industry. As companies with significant crypto treasuries face market volatility, the management of these assets and the accountability to shareholders are coming under increased scrutiny. The outcome of this dispute could set a precedent for how such situations are handled in the future.
In the current market context, the total crypto market cap stands at $2.81 trillion, with the overall market showing a downward trend. 
Bitcoin has declined by 2.06% in the last 24 hours, and the Fear & Greed Index is at 62, indicating a state of 'Greed'. Solana (SOL), the cryptocurrency at the center of this dispute, is currently priced at $104.63, having fallen by 2.09% in the last 24 hours and 9.91% over the past week.
Since this brief published about 2 hours ago, Solana (SOL) has moved from $104.63 to $104.52 — -0.11%.
The chart plots SOL's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 SOL ≈ ₦142,672.94 (about $104.52), down 2.3% over 24 hours. The naira itself trades about 2.5% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
2 key figures independently matched across 3 outlets reporting this story.
TLT extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Bastion Trading Challenges SkyAI's $201M Buyback Amidst — questions & answers
What is the main issue between Bastion Trading and SkyAI?
Bastion Trading is challenging SkyAI's $201 million buyback plan due to concerns about the company's 70% reduction in Solana holdings.
How much did SkyAI's Solana holdings drop?
SkyAI's Solana holdings dropped by 70%, from over 2 million SOL to approximately 600,000 SOL.
What is Bastion Trading's position on the buyback price?
Bastion Trading is seeking a higher buyback price of $3.50 per share, compared to the proposed $3.00.
How much is 1 Solana worth in naira today?
About ₦142,672.94 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $104.52. The naira price moves with both SOL's US-dollar price and the USDT/NGN rate; use our Solana in naira page for any amount.
Has Solana's price moved since this brief was published?
SOL is down 0.11% since this brief first published — trading at $104.52 now versus $104.63 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cryptopolitan, Crypto Economy, The Block, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.