A company that accumulated 2 million SOL now has just 600,000 a month later. No explanation for where the other 400,000 went 🦖
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SkyAI, a Nasdaq-listed company that stockpiles Solana, said in a September 14 announcement that it held more than 2 million SOL, worth about $207 million at the time, and reaffirmed its commitment to its Solana reserve strategy. But in a filing submitted to the U.S. Securities and Exchange Commission this Tuesday, its remaining holdings were down to about 600,000 SOL—down 70% in less than a month 📉
The most glaring issue isn’t the drop—it’s the missing 400,000 SOL. In its own buyback announcement on October 11, the company explicitly said it had sold about 1 million SOL and still held about 1 million. But in the latest filing, the figure had dropped by another 400,000. At current prices, that’s worth about $41 million. The filing doesn’t explain where the SOL went, or say how much was sold, when it was sold, or at what price ⚖️
Bastion Trading, the company’s second-largest shareholder with a stake of nearly 10%, flatly rejected SkyAI’s $3-per-share tender offer and demanded at least $3.50 per share. It also asked the company to disclose the dates, amounts, prices, and use of proceeds for all recent token sales, as well as who approved them. Bastion further called for a group of advisory warrants to be excluded, arguing that they were granted to a company controlled by the brother of SkyAI’s chief investment officer.
The company’s plan is to use proceeds from selling tokens to buy back up to 95% of its outstanding shares and warrants, for a total of about $200 million. In plain terms, it’s buying itself back into a much smaller company. And this kind of move isn’t particularly unusual this year. At September’s shareholder meeting, all five directors received more votes against them than in favor—but they all kept their seats because there was no option to vote them out.
My take: A wave of companies hoarding crypto has emerged during this market cycle. Investors have focused on how much they could lose if token prices fall, but SkyAI’s first warning sign isn’t the token price—it’s governance. When a company’s core assets can shrink by 70% in a month, and shareholders have to piece together what happened by asking questions, the basis for its valuation is about more than just the price of SOL 🐋
Meanwhile, SOL is trading at $103.85, down 3.85% over 24 hours. Bitcoin is at $81,518, down 2%, and Ethereum is at $2,421, down 3.55%. The entire crypto-treasury sector is being repriced alongside other risk assets. The further token prices fall, the tighter the cycle becomes for these companies: issuing shares to buy tokens, then relying on those tokens to support their share price.
So, what do you think is the biggest risk for crypto-hoarding companies: token prices or governance? Let’s talk in the comments.
Every day, I bring you the latest in crypto and capital markets—not just what’s happening, but the logic and opportunities behind it 👀🚀
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📣 盘面异动群里喊
SkyAI, a Nasdaq-listed company that stockpiles Solana, said in a September 14 announcement that it held more than 2 million SOL, worth about $207 million at the time, and reaffirmed its commitment to its Solana reserve strategy. But in a filing submitted to the U.S. Securities and Exchange Commission this Tuesday, its remaining holdings were down to about 600,000 SOL—down 70% in less than a month 📉
The most glaring issue isn’t the drop—it’s the missing 400,000 SOL. In its own buyback announcement on October 11, the company explicitly said it had sold about 1 million SOL and still held about 1 million. But in the latest filing, the figure had dropped by another 400,000. At current prices, that’s worth about $41 million. The filing doesn’t explain where the SOL went, or say how much was sold, when it was sold, or at what price ⚖️
Bastion Trading, the company’s second-largest shareholder with a stake of nearly 10%, flatly rejected SkyAI’s $3-per-share tender offer and demanded at least $3.50 per share. It also asked the company to disclose the dates, amounts, prices, and use of proceeds for all recent token sales, as well as who approved them. Bastion further called for a group of advisory warrants to be excluded, arguing that they were granted to a company controlled by the brother of SkyAI’s chief investment officer.
The company’s plan is to use proceeds from selling tokens to buy back up to 95% of its outstanding shares and warrants, for a total of about $200 million. In plain terms, it’s buying itself back into a much smaller company. And this kind of move isn’t particularly unusual this year. At September’s shareholder meeting, all five directors received more votes against them than in favor—but they all kept their seats because there was no option to vote them out.
My take: A wave of companies hoarding crypto has emerged during this market cycle. Investors have focused on how much they could lose if token prices fall, but SkyAI’s first warning sign isn’t the token price—it’s governance. When a company’s core assets can shrink by 70% in a month, and shareholders have to piece together what happened by asking questions, the basis for its valuation is about more than just the price of SOL 🐋
Meanwhile, SOL is trading at $103.85, down 3.85% over 24 hours. Bitcoin is at $81,518, down 2%, and Ethereum is at $2,421, down 3.55%. The entire crypto-treasury sector is being repriced alongside other risk assets. The further token prices fall, the tighter the cycle becomes for these companies: issuing shares to buy tokens, then relying on those tokens to support their share price.
So, what do you think is the biggest risk for crypto-hoarding companies: token prices or governance? Let’s talk in the comments.
Every day, I bring you the latest in crypto and capital markets—not just what’s happening, but the logic and opportunities behind it 👀🚀
Tap the profile picture to watch the livestream