SkyAI Starts $201M Buyback at $3 as It Sells All Its Solana

SkyAI has sold its entire Solana (SOL) treasury and now holds approximately $223.8 million in cash. The move marks a major reversal for a company that recently ranked among the largest publicly traded holders of SOL.

SkyAI (Nasdaq: SKYA) began a cash tender offer on October 16 to buy back up to 95% of each class of its common stock and warrants at $3.00 apiece, a purchase that would cost about $201.3 million if holders tender everything the offer allows. The company says it will pay from cash on hand, and that cash comes from selling its entire Solana treasury.

For anyone holding SKYA shares or warrants, the offer runs until one minute after 11:59 p.m. New York City time on October 29, 2026, unless SkyAI extends it or ends it early. At $3.00 against about $223.8 million of net cash, the price works out to roughly 0.95 times net asset value, so a holder who tenders is selling to the company at a small discount to its cash per share. Warrants are bought at $3.00 less their $0.0001 exercise price.

SkyAI Moves From Solana Treasury to Cash

SkyAI, formerly known as Sharps Technology, had built its public-market strategy around holding Solana as a treasury asset.

In September, the company said it held more than 2 million SOL and reaffirmed its commitment to that strategy. It was then among the largest publicly traded Solana treasury companies.

That position changed rapidly in October.

SkyAI first disclosed plans to sell about 1 million SOL to help fund its buyback. Later filings showed that its remaining holdings had fallen further. The company has now confirmed that it sold its entire SOL treasury.

SkyAI reported approximately $223.8 million in cash as of October 16. It has not yet provided a detailed new roadmap explaining whether it plans to rebuild its SOL holdings.

The change is significant because the company is moving away from a strategy centered on holding SOL and toward returning capital to shareholders and warrant holders.

How the $201 Million Buyback Works

SkyAI's tender offer is designed to repurchase up to 95% of its outstanding common shares and several classes of warrants.

The proposed price is $3 per share or warrant. SkyAI initially said the offer would depend partly on SOL remaining above $100 during the offer period. After selling its entire SOL treasury, the company dropped that condition.

The offer is intended to provide an exit for investors who want cash rather than continued exposure to the company's future business.

However, the full $201 million is a maximum offer value, not a confirmed amount already spent. The final cost depends on how many eligible securities are tendered and whether the offer's conditions are met.

SkyAI has said it intends to remain listed on Nasdaq after the buyback.

Major Shareholder Challenges the Deal

The buyback has faced criticism from Bastion Trading, an investment firm that holds nearly 10% of SkyAI.

Bastion questioned the rapid reduction in the company's SOL holdings and called for more transparency around the timing, quantities and prices of the sales. It also opposed the proposed buyback terms.

The firm sought a higher purchase price of $3.50 per share, restrictions on insider participation and the exclusion of certain strategic advisor warrants. Bastion said it would not participate under the proposed conditions.

The dispute raises questions about how the company balanced its treasury strategy with shareholder interests.

SkyAI's $3 offer was initially presented as a premium to its market price. But a premium alone does not settle concerns about the company's future direction, the fairness of the offer or the value shareholders may receive by remaining invested.

Why the Move Matters for Solana Treasury Companies

SkyAI's decision highlights the risks involved when publicly traded companies build their balance sheets around a single cryptocurrency.

Holding SOL can give investors indirect exposure to the token through a listed company. But a treasury strategy also exposes the company to price volatility, capital-allocation decisions and pressure from shareholders who may disagree with management.

SkyAI's reversal does not mean other Solana treasury companies will follow the same path. It does show that a digital-asset treasury strategy can change quickly when a company chooses to prioritize a buyback or respond to shareholder pressure.

For readers following the earlier stages of this story, see our report on SkyAI selling 1 million SOL to fund its $201 million tender offer.

What to Watch Next

The next key developments are the completion of the tender offer, the number of shares and warrants actually repurchased, and any further disclosures about SkyAI's business strategy.

Investors will also watch whether Bastion's objections lead to changes in the terms or further pressure on the company's board.

For now, SkyAI has completed its exit from SOL and is moving ahead with a buyback valued at up to $201 million. The bigger question is what remains of the company's long-term growth strategy after the transaction.

The decision marks a clear shift from accumulating Solana to returning capital to investors. Whether that shift creates lasting value will depend on the final buyback results and SkyAI's ability to execute its next business plan.