Bastion Trading is formally challenging SkyAI’s board over a $201 million tender offer funded by the complete liquidation of the company’s Solana holdings. The activist fund demanded explanations from Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler and Jason L. Monroe on October 21, 2026.
SkyAI, formerly Sharps Technology, had been one of the largest publicly traded Solana treasuries with more than two million SOL as of September 14. By October 16, the Nasdaq-listed company said it had sold all of its SOL and held about $223.8 million in cash. It also removed a previous condition tied to the token staying above $100.
The tender offer covers common stock and three classes of warrants. Bastion highlighted 3,955,293 strategic advisor warrants that it says were granted without cash investment to an entity controlled by the brother of director and Chief Investment Officer Yuwen (Alice) Zhang. If tendered, those warrants could receive around $11.9 million.
Earlier Schedule 13D filings linked the warrants to Sol Edge Limited and Sol Markets. Bastion argues directors should resign if they cannot demonstrate independent oversight, or convene a special meeting to let shareholders decide board composition. At the September 18 annual meeting, all five directors received between 66.6% and 75% withheld votes.
Bastion also wants the $3.00 per share and warrant offer raised to at least $3.50, says its own net asset value estimate is about $3.30, and is asking for an independent valuation. The offer expires at 11:59 p.m. New York time on October 29 unless extended.
