Who Received $5 Million at Solana Firm? Shareholder Calls for Management Change!

Bastion Trading, a shareholder in Solana treasury company SkyAI, has called for changes to the board, alleging that the company paid $5 million in consulting fees to an entity controlled by the brother of an executive.

According to a statement reported by Wu Blockchain, Bastion and its affiliates hold approximately 9.99 percent of the shares in SkyAI, which trades on Nasdaq under the ticker SKYA. The group is asking the company’s management to meet with shareholders and appoint new members to the board.

Payment nearly equals all staking revenue

Bastion alleges that SkyAI paid $5 million in consulting fees in the first half of 2026. The related party that received the payment is controlled by the brother of an executive who is both a member of the company’s board of directors and its investment director.

The shareholder group says the amount represents approximately 92 percent of staking revenue for the same period. The objection centers not only on the size of the payment but also on the recipient’s family connection to the company’s management.

Votes withholding support for all five directors outnumbered votes in favor

The statement also drew attention to the results of the September 18 annual general meeting. For each of the five current board members, votes not supporting their election exceeded votes in favor. The proportion of votes cast against the share-based incentive plan was approximately 82 percent.

Bastion and its affiliates said they are prepared to pursue legal action if the board does not respond to their demands. The group is seeking both discussions with management and the appointment of new members to the board.