SkyAI, the company formerly known as Sharps Technology, has sold its entire Solana (SOL) holdings and launched a $201.3 million share and warrant buyback, as mounting losses and falling stock-market valuations challenge the economics of corporate cryptocurrency treasuries.

According to a regulatory filing, the company held $223.8 million in cash as of October 16, 2026.

Under the tender offer, shareholders and warrant holders may sell their securities back to the at $3 per security, with SkyAI targeting up to 95% of outstanding securities. The offer values the securities at approximately 0.95 times the company's net asset value based on its cash holdings. A tender offer is a structure that lets holders sell securities directly back to the issuer at a fixed price rather than on the open market, and at roughly 0.95 times net asset value, participants would receive slightly less than the cash backing each of their securities. If fully subscribed, the buyback would retire nearly all of the company's outstanding shares and warrants.

The decision comes amid a broader downturn in the digital asset treasury model, in which publicly listed companies raise equity and other forms of capital to accumulate cryptocurrencies on their balance sheets. Treasury firms of this kind depend on their shares trading at or above the value of the assets they hold in order to raise further capital for purchases. As reported in February 2026, publicly listed Solana treasury companies had accumulated more than $1.5 billion in unrealized losses as falling SOL prices eroded the value of their holdings.

By September 2026, research from DWF Ventures found that only four of the 20 largest crypto treasury companies traded above the value of their underlying digital assets. Such discounts weaken the model's ability to raise equity capital to buy more cryptocurrency without diluting existing shareholders.

SkyAI's move also contrasts with companies still pursuing accumulation. DeFi Development Corp has continued expanding its SOL treasury and raising capital through preferred securities, while French-listed Sequans Communications sold its remaining Bitcoin holdings as it exited its Bitcoin treasury strategy. The diverging approaches reflect a growing divide between companies seeking further crypto exposure and those reconsidering whether holding digital assets remains the best use of corporate capital.

SkyAI's sale followed scrutiny from major shareholder Bastion Trading, which questioned the rapid reduction in the company's SOL holdings and challenged the proposed buyback terms.

The company has not said it is abandoning its broader Solana ambitions. It still describes its strategy as building a financial platform that combines Solana-based stablecoin payments with artificial intelligence. However, it has not detailed how that platform will proceed without a SOL treasury. The final take-up in the tender will determine how many securities are actually retired, against the company's target of up to 95% of outstanding shares and warrants.

The strain on the treasury model has also been voiced by industry figures. The Director of Institutional at Gemini has said, “The market does not have an appetite for dozens of digital asset treasuries.”

Source: BitcoinKE