SkyAI sold about 1 million SOL to fund a $201 million share tender offer that requires SOL to stay above $100, as Solana slipped below $110.
SOL$107.48-1.42%
BTC$83,536.00+1.06%
ETH$2,515.15-0.58%Updated 13 October 2026: SkyAI says it sold about half its Solana treasury to fund a planned $201 million tender offer, a deal that only proceeds if SOL stays above $100.
SOL has slipped below $110 in the same stretch that one of its corporate holders sold half its stack. SkyAI, the Nasdaq-listed company formerly known as Sharps Technology, said on October 11 that it recently sold about 1 million SOL, roughly 50% of its Solana holdings, and now holds about 1 million tokens.
The price fell 4% to 5% over 24 hours and traded between $105 and $108 on Tuesday, with separate reads of the level at $108.61, down 3.41%, and $105.63, down 5%. The sale and the drop landed together. Nothing in the evidence shows how much of the move the sale caused.
The tokens weren't sold to sit as cash. SkyAI plans to buy back up to 95% of each class of its common stock and its pre-funded and advisor warrants at $3.00 per share in cash. That covers up to 46.37 million shares and 20.72 million warrants, for a maximum of about $201 million.
The price is generous by the company's own measure: a 65% premium to the October 9 close, and more than 100% above the 60-day volume-weighted average price. SkyAI says it will pay with cash on hand and proceeds from selling SOL held in its treasury.
The timeline is short. SkyAI expects to start the offer on or about October 15 and run it for 10 business days, with offer materials filed with the SEC by then. It also says plainly that the offer has not yet commenced and may not commence. Until it does, this is a plan, not a completed buyback.
Two other decisions sit alongside it:
After the offer, SkyAI says it will keep working on the strategic transformation it announced in May 2026, building what it calls an agentic AI financial platform.
Here's the detail worth slowing down for. The offer has two conditions. At least 50% of each class must be tendered, and the price of SOL must stay above $100 throughout the offer period.
So a company that has just sold half its SOL has written SOL's price into the terms of its own deal. It says there's no financing condition, because its cash plus the market value of its digital assets exceeds the maximum purchase price. The $100 floor is the guard on that math: with about 1 million SOL still on the books, the token's price is part of what pays for the shares.
How many tokens actually left SkyAI's wallets is less settled than the company's round number. On-chain trackers have published their own estimates of the outflows, but they disagree with each other and with SkyAI's figure of about 1 million SOL. The company's statement is the only confirmed count.
While the price slid, the conversation grew. Solana took 16.74% of crypto mindshare over the past month, an increase of 9.88%, against 6.48% for Bitcoin and 3.93% for Ethereum, according to figures circulating on Tuesday. On a measure built from online conversation rather than money moving, that's more than twice Bitcoin's share.
Mindshare estimates relative attention on an asset over time. It's compiled from online discussion and read as a share of the conversation, not a share of the market. Its natural uses are distribution and campaign design: it shows which communities are talking, and where a live campaign might land. It isn't fundamental valuation on its own.
The origin of this particular number isn't confirmed. It has been credited to a report by SolanaFloor, a crypto account, but that post couldn't be read, and SolanaFloor's own site carried no mindshare report on Tuesday. A second write-up of the same figure names no provider at all. One account of the story is presented as prediction-market analysis and flagged as interpretive and AI-assisted. Worth remembering before 16.74% gets quoted as an industry standard.
Bitcoin held 6.48% of the same measure, which leaves Solana's lead over it at more than ten points. Ethereum sat further back at 3.93%. The comparison covers those three assets and no more: no page read for this article carried a full top ten, so there's no way to say which tokens rank between Solana and Bitcoin, or below them.
That gap shapes how the headline gets used. A project can point at a ten-point lead over Bitcoin and Ethereum on attention, and skip the part where the measure only counts talk.
The fall came with forced selling. Traders lost $60.36 million in liquidations over 24 hours, and longs, the positions betting on higher prices, made up $56.25 million of that. Futures volume ran at more than ten times spot volume, so the day's activity sat in derivatives rather than in spot buying.
US spot Solana ETFs mostly saw outflows. The figures show a $699,830 net outflow on October 12 and about $30.12 million of net outflows across the eight sessions listed, with VanEck's VSOL the largest exit and Grayscale's GSOL selling nothing. A second measure tells a friendlier story: Grayscale's GSOL ETF bought $20.2 million of SOL over the past 20 days with only one outflow day, tracked on-chain through Arkham. Those figures track different things, fund flows and a fund's own purchases, and they don't have to agree.
By size, Bitwise's BSOL leads Solana ETF net assets at $1.19 billion, ahead of Fidelity's FSOL at about $220.55 million and Grayscale's GSOL at $198.11 million.
The rest of the snapshot, as of Tuesday:
Two price levels matter more than the mindshare headline. The first is $100, and it now carries a second meaning. SOL has slipped back under $110 after a bounce to $120.69 earlier in October, and it trades at roughly half its level a year ago. Whether it holds $100 is the question the chart is answering, and it's also the line SkyAI's offer needs SOL to stay above.
The second is $190. Prediction market pricing puts the chance of Solana reaching that level in October below 1% YES, so the market isn't paying up for a quick recovery. The venue behind that pricing isn't confirmed, so treat it as a directional read rather than a quote from a named marketplace.
If SkyAI starts its offer around October 15, the next two weeks run straight through that test. A loud conversation, a treasury cut in half, and a $100 mark that one company has now made part of its own deal.
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