SkyAI sells entire Solana treasury, holds $223.8M cash for buyback, report says
In brief
- SkyAI sold more than 2 million SOL, finishing around October 16, Crypto Briefing reported.
- Nasdaq-listed SkyAI now holds roughly $223.8 million in cash earmarked for a share buyback.
- SkyAI's reported tender offer is $3 per share for up to 95% of shares, capped at $201.3M.
- Bastion Trading, holding about 9.99%, wants governance changes before joining the buyback.
From staking to a tender offer
SkyAI didn't sell it all at once. The selling began in early October, when the company sold about 1 million SOL, Crypto Briefing reported, and that first tranche helped fund a tender offer to repurchase up to 95% of SkyAI's outstanding shares (along with certain warrants).
The offer was priced at $3 per share, with its total size capped at up to $201.3 million, according to the same report.
Building the SOL position wasn't cheap. Crypto Briefing put SkyAI's average purchase price at around $194 per SOL and said the position carried significant unrealized losses while the company held it. The treasury did earn along the way, though (more than $12 million in staking revenue by mid-2026, per the report).
A large shareholder pushes back
Not every holder likes how this played out. Bastion Trading, which owns approximately 9.99% of SkyAI's shares, has been pressing management, according to Crypto Briefing.
Bastion's concerns center on how transparent the SOL sales were and how fast they proceeded. The firm has also demanded governance changes before it'll agree to take part in the buyback, the report said. That puts a near-10% holder's participation behind a set of conditions, at least as Crypto Briefing describes Bastion's position.
A full reversal
SkyAI built its public identity around holding a single crypto asset. Crypto Briefing described the exit as a full reversal of that single-asset treasury strategy.
It took about two weeks.
What's left on the balance sheet, per the report, is roughly $223.8 million in cash and a plan to put it toward a share buyback. For a Nasdaq company that once traded as Sharps Technology and then tied its story to SOL, the treasury chapter now ends in cash, and the next question is how many shareholders actually tender at $3.
Frequently asked questions
What are the terms of SkyAI's tender offer?
According to Crypto Briefing, the tender offer was priced at $3 per share and covers up to 95% of SkyAI's outstanding shares, along with certain warrants. Its total size is capped at up to $201.3 million. The first tranche of SOL sales in early October helped fund it.
What does Bastion Trading want from SkyAI?
Bastion Trading owns approximately 9.99% of SkyAI's shares and has been pressing management, Crypto Briefing reported. Bastion has raised concerns about how transparent the SOL sales were and how fast they proceeded, and it has demanded governance changes before agreeing to take part in the buyback.
