A Solana treasury company’s own board is under open revolt from two of its largest shareholders, days before an annual meeting that could gut its leadership. The same week, one of Jack Dorsey’s companies applied for a federal bank charter that would let it custody Bitcoin and stablecoins under direct government oversight. Neither outcome is decided yet.
SkyAI Faces Shareholder Revolt From Bastion Trading and Forward Industries Ahead of Annual Meeting
SkyAI, Inc. (Nasdaq: SKYA), a Solana treasury company formerly known as Sharps Technology, is heading into its September 18 annual meeting with two of its largest shareholders publicly campaigning against its board. Bastion Trading, which controls a 9.99% stake through Wei Zhu’s affiliated entities, disclosed on September 3 that it intends to vote “WITHHOLD ALL” against all five director nominees. Forward Industries followed on September 9 with an open letter urging the same, plus a vote against a proposed equity incentive plan that would authorize 5.145 million new shares, roughly 7.2% dilution by Forward’s count.
The dispute traces back to June, when Forward Industries offered to acquire SkyAI in an all-stock deal at $1.55 per share, a 20% premium at the time. SkyAI’s board rejected it unanimously. Since then, the board adopted a shareholder rights plan, commonly called a poison pill, without putting it to a vote. Both dissenting shareholders have also flagged a $101.3 million warrant issued to an entity controlled by the brother of a SkyAI officer and director. SkyAI holds about $207 million in SOL against a market capitalization near $59 million. SkyAI’s stock has fallen roughly 86% over the past year. The company’s uncontested, plurality voting structure means no single withhold campaign can remove a director outright, regardless of how the vote goes.
Block Applies for OCC Charter to Custody Bitcoin and Stablecoins Under Federal Supervision
Block, Inc. (NYSE: XYZ) disclosed on September 8 that it applied to the Office of the Comptroller of the Currency to charter Builders Bank & Trust, N.A., an uninsured national trust bank. The proposed bank wouldn’t take deposits or make loans. Its scope is custody and fiduciary services, including for Bitcoin and stablecoins. Lee Woolley, currently Block’s Digital Asset Strategy Lead, would serve as president and CEO if the charter is approved, calling the plan “well positioned to support Block’s broader vision.”
Block isn’t alone here. The filing joins a wave of similar OCC applications from Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets over the past year, several of which have already received conditional approval. Block already operates one bank: Square Financial Services, an FDIC-insured Utah industrial bank that’s taken deposits since 2021. Builders Bank would be structured differently. No deposits. No insurance. Direct OCC oversight instead. Bitcoin barely moved on the news, dipping from session highs near $78,900 to around $78,000 on September 8. A charter application signals intent. It says nothing about approval.
SKYA, XYZ OCC Charter: Forward-Looking FAQ
SkyAI’s voting structure means a withhold-all campaign can’t remove any director outright. So why are Bastion Trading and Forward Industries pushing it anyway?
No, the two are separate matters. The equity plan requires majority approval from votes cast and could fail on its own, but the poison pill was already adopted by the board and doesn’t need shareholder approval to remain in effect.
The OCC has moved similar applications from Circle, Ripple, Paxos, and BitGo through review over roughly a year in recent cases. Builders Bank can’t begin any custody or fiduciary activity until the charter is formally approved, which Block’s own disclosure treats as uncertain.
Sources
- The Block: Solana Treasury Firm SkyAI Faces Board Challenge From Would-Be Acquirer Forward Industries, Shareholder Group, September 9, 2026
- TradingView: Wei Zhu Pushes for Changes at SkyAI With 9.99% Stake, September 2026 (SEC Schedule 13D, September 3, 2026)
- GlobeNewswire: Forward Industries Urges Shareholders of SkyAI to Vote No at the 2026 Annual Meeting, September 9, 2026
- The Block: Jack Dorsey’s Block Joins Rush for Federal Bank Charters From OCC, September 8, 2026
- Crowdfund Insider: Fintech Firm Block Seeks OCC National Trust Charter for Bitcoin and Stablecoin Custody, September 8, 2026
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