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Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback
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- DeepHorus
SkyAI, formerly Sharps Technology, sold its entire Solana treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants. The former medical device maker said the buyback is funded entirely by cash on hand. The move reverses its cryptocurrency accumulation strategy.
A Monday SEC filing showed SkyAI held about $223.8 million in cash as of Oct. 16 after liquidating SOL. The offer covers up to 95% of each class of outstanding shares and warrants. Holders can sell securities directly back to the company at a fixed price.
SkyAI said the tender is no longer tied to SOL’s price, removing a condition planned when the buyback was announced Oct. 11. The company still intends to develop a financial platform combining Solana stablecoin infrastructure with artificial intelligence. The reversal marks a sharp shift from its crypto treasury model.
SkyAI began the strategy in August 2025 after raising more than $400 million through a private placement. It acquired over 2 million SOL the next month. By end-2025, it held about 2.08 million SOL with a $403.1 million cost basis, or roughly $194 per token.
Those holdings were valued at $250.1 million at year-end, implying about $153 million in unrealized losses. Publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses by February 2026 as token prices fell. SOL traded near $104 on Monday after dropping to about $62 in June.
SkyAI shares closed Monday at $2.79, up 5.3%, and have gained about 65% over the past month but remain down roughly 41% over the past year. The cash-funded tender may return capital while the firm refocuses on its AI and stablecoin plans. Its pivot will depend on market conditions and how much cash it retains.
