SkyAI sells entire Solana treasury and launches $201 million buyback
SkyAI exits its Solana position and offers to buy back stock
SkyAI, a company that once built up a large treasury of Solana's SOL token, has sold its entire holdings and reversed course on its crypto strategy. The firm, formerly known as Sharps Technology and once a medical device maker, now plans to use its cash to buy back its own shares and warrants.
In a filing with the US Securities and Exchange Commission (SEC), the company said it held about $223.8 million in cash as of Oct. 16 after selling its SOL. It launched a tender offer to repurchase up to $201.3 million of its securities. A tender offer is an invitation to shareholders to sell their holdings back to the company at a set price.
The offer is funded entirely from cash the company already holds and covers up to 95% of each class of its outstanding shares and warrants.
Key numbers from the announcement
- About $223.8 million in cash as of Oct. 16, after the SOL sale
- Up to $201.3 million in shares and warrants to be repurchased
- Up to 95% of each class of outstanding shares and warrants covered
- Roughly 2.08 million SOL held at the end of 2025, with a cost basis of $403.1 million
- SkyAI shares closed Monday at $2.79, up 5.3% on the day
What the SEC filing says
According to the company's SEC filing, SkyAI sold its whole Solana treasury and holds $223.8 million in cash. The filing also states that the tender offer is no longer linked to SOL's price. When the company first announced the buyback on Oct. 11, it had planned to include that price condition.
SkyAI said it still intends to keep building a financial platform that combines stablecoin infrastructure (systems for digital tokens pegged to traditional currencies) on Solana with artificial intelligence.
How the Solana bet unfolded
SkyAI began its Solana treasury strategy in August 2025, after raising more than $400 million through a private placement. The following month it bought more than 2 million SOL, a position worth over $400 million at the time.
By the end of 2025, the company held about 2.08 million SOL at an average cost of roughly $194 per token. Its disclosures put the value of those holdings at $250.1 million, meaning the position showed about $153 million in unrealized losses — paper losses that only become real once an asset is sold.
The pressure was not limited to SkyAI. By February 2026, publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses as token prices fell. SOL dropped to around $62 in June before recovering to trade near $104 on Monday, according to CoinGecko data.
Market reaction and stock performance
SkyAI shares closed Monday at $2.79, up 5.3% for the day, according to Yahoo Finance. Over the past month the stock gained roughly 65%, but it remains down about 41% over the past year.
What is confirmed
SkyAI has sold its full SOL treasury, holds about $223.8 million in cash as of Oct. 16, and has launched a tender offer of up to $201.3 million funded from that cash, according to its SEC filing. The buyback is no longer tied to SOL's price, unlike the original plan announced Oct. 11. The company says it will continue developing its stablecoin and AI platform on Solana.
Why this matters for Solana treasury companies
A number of public companies have bought SOL and other tokens as corporate treasury assets, in the hope that rising prices would lift their share values. SkyAI's reversal shows the risk in that approach: when token prices fell, the company's holdings were worth far less than it paid, contributing to large unrealized losses. Converting the treasury back to cash and returning money to shareholders marks a clear step away from that model for this company.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.