SkyAI Exits Solana Treasury Strategy With $201.3 Million Tender Offer
Key Takeaways
- •SkyAI liquidated its entire Solana treasury, once valued at more than $400 million, and reported approximately $223.8 million in cash as of Oct. 16, according to an SEC filing.
- •The company is offering to buy back up to $201.3 million in shares and warrants, covering as much as 95% of each outstanding class and funded entirely with cash on hand.
- •Unlike the buyback announced on Oct. 11, the offer's terms are no longer linked to the price of SOL.
- •SkyAI's holdings of about 2.08 million SOL, bought at a cost basis of roughly $194 per token, carried about $153 million in unrealized losses by the end of 2025.
- •SkyAI stock gained 5.3% to close Monday at $2.79, and the firm intends to keep developing a stablecoin and artificial intelligence platform on Solana.
SkyAI, formerly known as Sharps Technology, has liquidated its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, marking a full reversal of its cryptocurrency accumulation strategy.
According to a filing with the US Securities and Exchange Commission on Monday, the company held approximately $223.8 million in cash as of Oct. 16 after selling off its SOL holdings.
The tender offer gives shareholders and warrant holders the option to sell their securities directly back to the company at a fixed price. It covers up to 95% of each class of outstanding shares and warrants and is funded entirely with cash on hand. Because the ceiling is set at 95% of each class, the number of securities actually tendered will determine how much of the $201.3 million the company ultimately spends.
Notably, the offer is no longer tied to the price of SOL — a condition SkyAI had originally planned to attach when it announced the buyback on Oct. 11. The company said it intends to continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence, keeping its tie to the network on the product side rather than through token holdings.
SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock has gained roughly 65% over the past month, though it remains down about 41% over the past year.
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SkyAI unwinds Solana treasury strategy after one year
SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million through a private placement. The following month, it more than 2 million SOL, building a position valued at over $400 million at the time, according to an official announcement.
By the end of 2025, the company held approximately 2.08 million SOL at a cost basis of $403.1 million, or roughly $194 per token. Those holdings were valued at $250.1 million, implying about $153 million in unrealized losses, according to its annual financial disclosures. Even after SOL's recovery to around $104, the token still trades well below the roughly $194 per-token entry price SkyAI paid.
The shortfall mirrored wider pressure across the sector. By February 2026, publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses as falling token prices weighed on both their holdings and share valuations.
SOL dropped to around $62 in June but has since recovered, trading near $104 as of Monday, according to CoinGecko data. With the treasury unwound, the markers to watch are how many holders elect to tender into the buyback and how SkyAI's planned stablecoin and AI platform on Solana takes shape.
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