Bastion Trading and allied holders controlling 9.99% of SkyAI confirmed they will withhold votes from all five director nominees at the Sept. 18 annual meeting, joining Forward Industries in opposing a 5.145 million-share compensation plan. The fight over the Nasdaq-listed Solana treasury company pits roughly $207 million in SOL holdings against a market cap near $59 million.
Shareholders controlling 9.99% of SkyAI will vote against all five directors on Sept. 18, escalating a proxy fight over its $207 million Solana treasury.
Bastion Trading and allied holders confirmed plans to withhold votes, joining Forward Industries, which holds 7,013,536 SOL in its own treasury and said in a Sept. 9 letter that the board's unanimous rejection of its takeover offer passed up "a compelling strategic opportunity" for shareholders.
The flashpoint is SkyAI's proposed 2026 Equity Incentive Plan, which would authorize 5,145,000 new shares, roughly 7.2 percent dilution to the existing base. Dissenters also object to a poison pill adopted without a shareholder vote and to related-party arrangements, including consulting fees to Sol Edge Limited and warrants to Sol Markets valued near $101.3 million, entities Forward links to the brother of chief investment officer and director Yuwen (Alice) Zhang.
SkyAI, formerly Sharps Technology, custodies about 2.08 million SOL, the fifth-largest public Solana treasury, against a market cap near $59 million after the stock fell roughly 86 percent in a year. The company posted a $23.3 million net loss in the second quarter on $204,000 of total fiscal 2025 revenue, and Forward says it trades at the lowest net-asset-value multiple among Solana treasury peers.
The gap explains the pressure. A treasury worth more than three times the market cap leaves SkyAI trading at a steep discount to its SOL, a spread Forward tried to capture in June with an all-stock offer of $1.55 a share, a 20 percent premium to the closing price. The board rejected it unanimously, and the poison pill blocks outside buyers from forcing a resolution, leaving shareholders to watch for a sale of the treasury or a capital return with few tools to speed it up.
A successful no vote would rebuke management but, without board seats, would not by itself change who controls the SOL. The Sept. 18 result will test how much leverage activists hold at a crypto treasury company whose governance outcome matters to the Solana ecosystem, with roughly $207 million in tokens at stake. It could also set a precedent for other digital-asset treasury companies where boards hold tokens worth multiples of their equity value yet resist shareholder calls to unlock it. SOL traded near $101.08 at the Sept. 9 close, down 2.45 percent on the day.
This article is for informational purposes only and does not constitute investment advice.
