Odaily Planet Daily reports: Bastion Trading Limited, a shareholder holding 9.99% of SkyAI, the treasury company of Solana, stated in an SEC filing that it plans to vote against all five incumbent directors at the annual general meeting on September 18. Bastion expressed serious concerns regarding amendments to the company’s charter that weaken shareholder rights, the board’s implementation of a poison pill without shareholder approval, and related-party transactions. Independent director Annemarie Tierney resigned in December 2025 after raising potential conflicts of interest and related-party transaction issues with management. SkyAI, formerly known as Sharps Technology, raised over $400 million through a PIPE financing in August 2025 to establish the Solana treasury and currently holds approximately 2 million SOL, with a current market value of about $59 million; its stock price has declined approximately 86% over the past year.
Solana Treasury Firm SkyAI Faces Governance Crisis as Major Shareholder Opposes All Directors
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Summary
SkyAI, the Solana treasury firm, is facing a governance crisis as shareholder Bastion Trading Limited, holding 9.99% of the company, plans to oppose all five directors at the September 18 meeting. Bastion cited concerns over diminished shareholder rights, a poison pill provision, and related-party transactions. Independent director Annemarie Tierney will resign in December 2025. SkyAI, which rebranded from Sharps Technology, raised $400 million in August 2025 and holds 2 million SOL, valued at $59 million. The stock has declined 86% over the past year, raising concerns for altcoins to monitor amid shifting market sentiment and a Fear & Greed Index signaling caution.
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