Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback

The former medical device maker has liquidated its Solana treasury and is offering to repurchase shares and warrants using its $223.8 million cash holdings. SkyAI, formerly Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its cryptocurrency accumulation strategy. The company held approximately $223.8 million in cash as of Oct. 16 after liquidating its SOL holdings, according to a >filing with the US Securities and Exchange Commission on Monday. The tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. It covers up to 95% of each class of the company’s outstanding shares and warrants, funded entirely by cash on hand. The company said the tender offer is no longer tied to SOL’s price, a condition it had initially planned to include when announcing the buyback on Oct. 11. SkyAI intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence. SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance >data. The stock has gained approximately 65% over the past month but remains down about 41% over the past year. Related: Solana shows resilience, but some areas need continued observation, Fidelity says SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million through a private placement. The company >acquired more than 2 million SOL the following month, establishing a position valued at more than $400 million at the time. By the end of 2025, the company held approximately 2.08 million SOL with a cost basis of $403.1 million, or roughly $194 per token. Its holdings were valued at $250.1 million, representing approximately $153 million in unrealized losses, according to its annual financial >disclosures. The losses reflected broader pressure on companies that accumulated SOL as a treasury asset. By February 2026, publicly traded Solana treasury companies faced more than

📌 Recommended Exchanges

OKX | Binance | Bybit | Bitget | Gate.io