SkyAI sells 1 million SOL for $107 million, incurring a loss of over $160 million.

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On-chain data shows that SkyAI sold 1 million SOL for $107 million on October 14, 2026, resulting in a loss of over $160 million based on its average purchase price of $194. The firm held more than 2 million SOL in mid-September but now owns approximately 600,000, reflecting a 70% reduction in holdings. Major shareholder Bastion Trading, which owns 9.99%, has criticized the tender offer and demanded full transparency, an independent review, and a board reshuffle.

ChainThink reports that on October 14, Nasdaq-listed company SkyAI sold 1 million SOL, approximately $107 million, and indicated it may continue selling.

On-chain data shows that its average purchase price for SOL was approximately $194, resulting in losses exceeding $160 million based on recent prices. SkyAI previously held over 2 million SOL.

The Form 8-K filed on October 13 showed that the company currently holds approximately 600,000 coins, a reduction of about 70% from the size disclosed in mid-September.

Since October, the company has transferred approximately 1.57 million SOL, valued at around $175 million.

Bastion Trading, a major shareholder holding approximately 9.99% of the outstanding common shares of SkyAI, has expressed serious concerns regarding the company's cash tender offer and stated it will not participate until the related issues are adequately addressed.

The shareholder demands disclosure of SOL disposal details, initiation of an independent review, board restructuring, and an increase in the offer price from $3 to at least $3.50 per share.

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