SkyAI sells all Solana holdings to fund $201 million buyback
SkyAI, formerly known as Sharps Technology Inc., has sold its entire reserve of Solana's SOL token to help pay for a buyback of its own shares and warrants. The company said on Monday that it now holds about $223.8 million in cash as of Oct. 16 and has "completed the sale of all of its SOL."
The move turns the company from one of the largest public holders of SOL into one with none at all. Solana is a blockchain network, and SOL is its native token.
How the treasury shrank to zero
- On Sept. 14, SkyAI restated its commitment to its Solana treasury strategy and said it held more than 2 million SOL. At that point, it had the fifth-largest SOL holdings among publicly traded Solana treasury companies, which are firms that hold SOL as a reserve asset.
- On Oct. 11, the company's buyback announcement disclosed sales of roughly 1 million SOL.
- A later SEC filing put the remaining balance at around 600,000 SOL.
- The company has now confirmed it sold all of it.
What the buyback offers and what is left over
SkyAI is offering $3 per share or warrant to buy back 95% of its outstanding shares. If the offer is fully subscribed, the company would keep roughly $22.5 million before costs. The buyback was earlier described as worth about $201 million.
SkyAI had attached a condition requiring SOL to trade above $100. It dropped that condition after selling its remaining holdings, since the requirement no longer applied. SkyAI said it plans to stay listed on the Nasdaq stock exchange after the buybacks are complete.
A major shareholder pushes back
Bastion Trading, which owns nearly 10% of SkyAI, called for an independent review of the SOL sales and said it would not take part in the buyback under the proposed terms. Bastion asked for a price of $3.50 per share, restrictions on insiders, and the exclusion of strategic advisor warrants. These are Bastion's demands, not agreed changes.
What SkyAI says its business will be
SkyAI still describes its business as building a financial platform that combines stablecoin payments, meaning digital tokens designed to hold a steady value, on Solana with artificial intelligence. However, Monday's announcement did not say whether the company plans to rebuild its SOL treasury or give any updates on that platform. The Block reached out to SkyAI for comment but did not immediately receive a reply.
Share price context
SkyAI shares, traded under the ticker SKYA, were up 4.5% on the day at $2.77, a 35% gain year to date, according to The Block's report.
What remains unclear
The company has not explained why it reversed its Solana treasury strategy so quickly, and it has not disclosed whether it intends to accumulate SOL again. The fate of Bastion's requested changes is also unresolved.
Why this matters for Solana treasury companies
Public companies that hold SOL as a reserve asset saw one of their largest peers exit entirely in a matter of weeks. SkyAI's rapid sell-off and the dispute with a major shareholder show how quickly such a strategy can change, and how it can divide investors.
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