SkyAI Sells Its Entire Solana Treasury and Launches a $201.3M Buyback

SkyAI, formerly Sharps Technology, has sold all of its SOL holdings and started a tender offer to buy back up to $201.3 million in shares and warrants. The company held about $223.8 million in cash as of Oct. 16, according to a Monday SEC filing. The move reverses the crypto accumulation strategy it began a year ago.

How the Tender Offer Works

Shareholders and warrant holders can sell their securities straight back to the company at a fixed price. The offer covers up to 95% of each class of outstanding shares and warrants and is paid entirely from cash on hand. SkyAI also dropped the condition that tied the offer to SOL’s price, which it had planned to include when it first announced the buyback on Oct. 11. The company says it will keep building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence.

SkyAI Stock Performance

Shares closed Monday at $3, up 5% on the day. The stock has climbed roughly 65% over the past month but is still down about 40% over the past year.

Pressure on Solana Treasury Companies

The losses were part of a wider trend. By February 2026, publicly traded Solana treasury firms faced more than $1.5 billion in combined unrealized losses as falling prices hit both their holdings and share values. SOL dropped to about $62 in June but has recovered to around $104 as of Monday, according to CoinGecko.