Bastion Trading Challenges SkyAI's $201M Buyback Amidst SOL Holdings Controversy
SkyAI's proposed $201 million buyback faces opposition from major shareholder Bastion Trading over its handling of Solana reserves.
SkyAI's proposed $201 million buyback faces opposition from major shareholder Bastion Trading over its handling of Solana reserves. Solana (SOL) is trading at $104.52, down 0.1% since this brief published. This is an original Token Times brief synthesising 2 outlets (Cryptopolitan, Crypto Economy), with their figures cross-checked, plus live market data, as of Wed, 14 Oct 2026 23:00:01 UTC.
This dispute highlights the risks and transparency issues facing crypto treasury management, especially during market downturns. It could set a precedent for how investors scrutinize crypto-related corporate financials and shareholder actions.
- SkyAI's Solana holdings dropped 70% in under a month, from 2M to 600K SOL.
- Bastion Trading, owning 9.99% of SkyAI, challenges the buyback plan.
- Dispute centers on $201M buyback and transparency of SOL sales.
- Solana price at $104.63, down 2.09% in 24 hours.
Multiple outlets - Cryptopolitan, Crypto Economy, and The Block - confirm that SkyAI's Solana holdings fell by 70% in under a month, with holdings dropping from over 2 million SOL to approximately 600,000 SOL. They also agree that investment firm Bastion Trading, which holds nearly 10% of SkyAI's equity, has challenged the company's proposed $201 million buyback. However, The Block reports that Bastion Trading is specifically seeking a higher buyback price of $3.50 per share instead of the proposed $3.00, a detail not mentioned in other coverage.
On October 14, 2026, Bastion Trading, a significant shareholder in SkyAI (Nasdaq: SKYA), announced its opposition to the company's proposed $201 million buyback plan. This announcement comes amidst controversy over SkyAI's management of its cryptocurrency reserves, particularly its 
Solana (SOL) holdings.
According to multiple outlets, SkyAI's Solana holdings experienced a dramatic decline of 70% in under a month. The company's reserves dropped from over 2 million SOL on September 14 to approximately 600,000 SOL by October 13, as detailed in its Form 8-K filing. Bastion Trading has raised concerns about the timing and methods of these SOL sales, demanding greater transparency.
The disagreement between Bastion Trading and SkyAI extends to the specifics of the buyback plan. While SkyAI has proposed a buyback at $3 per share, Bastion Trading has rejected this, seeking a higher price of $3.50 per share. This discrepancy in valuation reflects broader uncertainties in the market and the company's financial management.
The dispute is set against the backdrop of a volatile crypto market. Solana's price, currently at $104.63, has seen a 2.09% decline in the past 24 hours and a 9.91% drop over the past week. This market environment likely exacerbates concerns about the management of crypto reserves and the impact on shareholder value.
The outcome of this dispute could have wider implications for how companies with significant crypto holdings are managed and regulated. As the market remains in a state of flux, investors and regulators will be watching closely to see how this situation unfolds and what it means for corporate governance in the crypto space.
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 Token Times'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 ≈ ₹10,851.79 (about $104.52), down 2.3% over 24 hours. The rupee itself trades about 8.9% above the official rate on the P2P market, so a Indian 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.
Token Times 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
Why is Bastion Trading opposing SkyAI's buyback?
Bastion Trading opposes the buyback due to concerns about SkyAI's handling of its Solana holdings, which dropped 70% in under a month.
What is the current status of SkyAI's Solana holdings?
SkyAI's Solana holdings are now at approximately 600,000 SOL, down from over 2 million SOL a month ago.
How much is SkyAI's proposed buyback?
SkyAI's proposed buyback is $201 million at $3 per share.
How much is 1 Solana worth in rupee today?
About ₹10,851.79 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $104.52. The rupee price moves with both SOL's US-dollar price and the USDT/INR rate; use our Solana in rupee 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. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Cryptopolitan, Crypto Economy, 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 Token Times 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.