🚨 A treasury company that claimed it was holding SOL for the long term sold 70% in less than a month? Major shareholder sounds alarm
Nasdaq-listed Solana treasury company SkyAI is facing public pressure from Bastion Trading, which owns about 10% of the company, to explain why its SOL holdings have shrunk so dramatically.
📊 What happened
• September 14: SkyAI disclosed that it held more than 2 million SOL
• October 11: It announced a buyback plan, saying it had sold about 1 million SOL and still held around 1 million
• October 13: An 8-K filing showed that only about 600,000 SOL remained—a roughly 70% drop in less than a month, and about 400,000 SOL fewer than previously stated
• Buyback terms: $3 per share, totaling about $200 million; the company may buy back up to 95% of its shares and warrants, using cash on hand and proceeds from SOL sales
⚔️ What Bastion is asking for
• Disclose the date, amount, price, and proceeds for every sale
• Raise the buyback price to $3.50 and remove conditions such as “SOL must be above $100”
• Address concerns about board governance and reconstitute the board
🤔 What does this mean for SOL?
When a treasury company shifts from “buying and holding” to “selling tokens to raise cash,” the market may take another look at the long-term buying demand from these companies. However, this is an isolated company-specific event and does not mean SOL’s fundamentals have changed. SOL is currently around $105.8, with a 24-hour range of about $100.9–$106.5.
• Support: $100.6 / $101.7
• Resistance: $109–110 / $116.8
If a publicly traded company promotes its SOL holdings while selling a large amount of tokens, would you still trust its long-term strategy? Share your thoughts in the comments 👇
👉 Trade SOL: https://www.binance.com/zh-CN/trade/SOL_USDT
#Bastion就SOL出售向SkyAI施压 #SOL #Solana #SkyAI
⚠️ This is not investment advice. Please be aware of the risks.
Nasdaq-listed Solana treasury company SkyAI is facing public pressure from Bastion Trading, which owns about 10% of the company, to explain why its SOL holdings have shrunk so dramatically.
📊 What happened
• September 14: SkyAI disclosed that it held more than 2 million SOL
• October 11: It announced a buyback plan, saying it had sold about 1 million SOL and still held around 1 million
• October 13: An 8-K filing showed that only about 600,000 SOL remained—a roughly 70% drop in less than a month, and about 400,000 SOL fewer than previously stated
• Buyback terms: $3 per share, totaling about $200 million; the company may buy back up to 95% of its shares and warrants, using cash on hand and proceeds from SOL sales
⚔️ What Bastion is asking for
• Disclose the date, amount, price, and proceeds for every sale
• Raise the buyback price to $3.50 and remove conditions such as “SOL must be above $100”
• Address concerns about board governance and reconstitute the board
🤔 What does this mean for SOL?
When a treasury company shifts from “buying and holding” to “selling tokens to raise cash,” the market may take another look at the long-term buying demand from these companies. However, this is an isolated company-specific event and does not mean SOL’s fundamentals have changed. SOL is currently around $105.8, with a 24-hour range of about $100.9–$106.5.
• Support: $100.6 / $101.7
• Resistance: $109–110 / $116.8
If a publicly traded company promotes its SOL holdings while selling a large amount of tokens, would you still trust its long-term strategy? Share your thoughts in the comments 👇
👉 Trade SOL: https://www.binance.com/zh-CN/trade/SOL_USDT
#Bastion就SOL出售向SkyAI施压 #SOL #Solana #SkyAI
⚠️ This is not investment advice. Please be aware of the risks.