Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback
Summary
SkyAI, formerly Sharps Technology, sold all its Solana holdings and launched a cash-funded tender offer to buy back up to $201.3 million in shares and warrants, covering as much as 95% of each class. The offer is no longer linked to SOL’s price. The company reported about $223.8 million in cash as of Oct. 16 and says it will continue building a financial platform combining Solana stablecoin infrastructure with AI. SkyAI began its SOL treasury strategy in 2025, acquiring roughly 2.08 million tokens at an average cost of about $194 each. Disclosures later showed the position had fallen to $250.1 million from a $403.1 million cost basis amid a wider slump in corporate SOL treasuries.
