This corporate Solana treasury dumped $12.5M of SOL at a 54% loss – and its balance sheet still shrank

- SkyAI — a "Solana treasury company" that apparently forgot the first rule of holding a bag: don't sell it at a 54% loss and then act like you're managing risk. They dumped 135,399 SOL at an average $92.09 against a cost basis of $200.79, booking a $14.72 million realized loss. Aggressive passive income, indeed. And after all that fire-sale activity, working capital still shrank from $14.19M to $12.63M. Their Sologard product line pulled in a grand total of $192,780 in net revenue for the half — barely enough to cover the catering at a mid-tier Solana conference — while SG&A burned $10.22 million. Staking revenue of $5.46 million is the only thing keeping this from looking like a Chrome Syndicate contract gone sideways. Management says they might sell more SOL, issue equity, or find traditional financing "until operations can support themselves." Translation: the operating business doesn't work, the treasury is melting, and they're hoping someone else reads the hash manifest before they do. SOL sits at $77, down 49% over the year. The balance sheet is still technically positive, but so is a patient with a pulse and no plan. Where's my cut?