SkyAI Exits SOL Holdings and Announces a $201M Solana Buyback

SkyAI, previously known as Sharps Technology, has exited its Solana holdings and is now seeking to return capital to shareholders through a cash-funded tender offer. The company said it sold its entire SOL treasury and, in a filing with the U.S. Securities and Exchange Commission, disclosed approximately $223.8 million in cash remaining after the liquidation.

In a change from its earlier plan, SkyAI also said the tender offer is no longer linked to Solana’s token price. The company plans to repurchase up to $201.3 million in shares and warrants at a fixed price, with the offer covering up to 95% of each class of outstanding shares and warrants, funded entirely from cash on hand.

Key takeaways

• SkyAI fully liquidated its Solana (SOL) treasury and reported about $223.8 million in cash as of Oct. 16, per an SEC filing.
• A cash-funded tender offer would repurchase up to $201.3 million in shares and warrants, covering up to 95% of each class.
• The buyback is no longer tied to SOL’s price, a shift from conditions discussed when the offer was first announced on Oct. 11.
• Despite exiting SOL as a treasury asset, SkyAI intends to keep building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence.

Tender offer marks a strategic reversal

The SEC filing describes SkyAI’s decision to unwind its cryptocurrency exposure after having previously treated SOL as a treasury asset. According to the company, the tender offer enables shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. The offer will be paid using cash on hand rather than proceeds from further token activity.

SkyAI also emphasized that the tender offer is now not tied to the price of SOL. That detail matters because earlier buyback planning had included a SOL-price condition, which would have effectively introduced token-market volatility into an otherwise corporate capital-return mechanism.

Operationally, the company is still positioning itself in Solana’s ecosystem. SkyAI said it plans to continue development of a financial platform designed to combine stablecoin infrastructure on Solana with artificial intelligence, even though it has ended its direct ownership strategy.

From Solana accumulation to liquidation

SkyAI’s SOL treasury approach began in August 2025. After raising more than $400 million through a private placement, the company subsequently acquired more than 2 million SOL, according to earlier coverage tied to a company announcement via PR Newswire.

By the end of 2025, SkyAI reportedly held about 2.08 million SOL with a cost basis of $403.1 million—roughly $194 per token. At that time, the company’s holdings were valued at $250.1 million, implying approximately $153 million in unrealized losses, based on its annual financial disclosures filed with the SEC.

The decision to liquidate the treasury after roughly a year fits into a broader pattern seen among publicly traded firms that built their balance sheets around SOL holdings. Earlier reporting highlighted that, by February 2026, publicly listed Solana treasury companies faced more than $1.5 billion in combined unrealized losses, driven by falling token prices and the resulting effect on equity valuations.

Market conditions around SOL and the company’s choice

Token price dynamics appear central to why treasury strategies can become difficult to sustain. While SOL fell to around $62 in June, it later rebounded to trade near $104 as of Monday, according to CoinGecko data.

That recovery doesn’t, by itself, explain the company’s timing—unrealized losses can be locked in if the approach is purely “hold to maturity,” while tender offers and capital returns may be designed to reduce volatility in a company’s financial profile. What is clear from the SEC filing is that SkyAI chose to convert SOL holdings into cash and to reposition its capital allocation away from direct crypto exposure.

SkyAI shares reportedly closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance. Over the prior month, the stock was up about 65%, but remained down about 41% year over year, reflecting how investors have been weighing both equity performance and the implications of SOL as a treasury asset.

What remains unchanged: the Solana build-out

SkyAI’s move doesn’t amount to an exit from Solana altogether. The company’s stated direction is to keep developing a financial platform that uses stablecoin infrastructure on Solana alongside artificial intelligence. That distinction is important for readers because it separates “holding SOL on the balance sheet” from “using Solana’s network and tooling for product development.”

Still, investors will likely watch closely how SkyAI funds ongoing operations after shifting from crypto holdings to cash. The tender offer itself indicates the company is willing to reallocate resources from a volatile asset class into a corporate capital return program—while maintaining a Solana-focused product thesis.

Next, traders and long-term holders should monitor the SEC tender offer process for execution details and how much of the buyback is actually completed, as well as whether SkyAI’s stablecoin + AI roadmap accelerates without the support of a SOL treasury. The company’s new approach also raises a key question for Solana treasury strategies more broadly: how quickly will other holders move to de-risk when token-market swings make unrealized losses—and equity repricing—more visible?