TLDR
- SkyAI, formerly Sharps Technology, has sold its entire Solana treasury.
- The company launched a tender offer to buy back up to $201.3 million in shares and warrants at $3 each.
- SkyAI held about $223.8 million in cash as of Oct. 16.
- Bastion Trading, which owns nearly 10% of SkyAI, wants an independent review and will not join the buyback.
- SkyAI shares closed Monday at $2.79, up 5.3%.
SkyAI, formerly Sharps Technology, has sold all of its Solana holdings. The company also launched a tender offer to buy back up to $201.3 million in shares and warrants.
LATEST: ⚡️ SkyAI, formerly Sharps Technology, has officially sold all of its SOL after once ranking as the fifth-largest Solana treasury firm. pic.twitter.com/2ySOaqfIcd
— CoinMarketCap (@CoinMarketCap) October 19, 2026
SkyAI said it held about $223.8 million in cash as of Oct. 16. The figure comes from a filing with the US Securities and Exchange Commission on Monday.
The company said it “completed the sale of all of its SOL.” It had been the fifth-largest Solana treasury company among publicly traded firms.
How the Buyback Works
The tender offer lets shareholders and warrant holders sell directly back to SkyAI at a fixed price. SkyAI is offering $3 per share or warrant.
The offer covers up to 95% of each class of outstanding shares and warrants. It is funded entirely by cash on hand.
If the offer is fully subscribed, SkyAI would be left with about $22.5 million before costs. The company plans to stay listed on the Nasdaq after the buyback.
SkyAI first announced the buyback on Oct. 11. That plan included a condition that Solana stay above $100.
The company dropped that condition because it no longer holds any SOL. The tender offer is no longer tied to the price of the token.
Reversal of the Treasury Strategy
SkyAI started its Solana treasury in August 2025 after raising more than $400 million in a private placement. It bought more than 2 million SOL the following month.
By the end of 2025, it held about 2.08 million SOL with a cost basis of $403.1 million. Those holdings were worth $250.1 million, leaving about $153 million in unrealized losses.
Other Solana treasury companies faced losses too. By February 2026, they had more than $1.5 billion in combined unrealized losses.
Bastion Trading owns nearly 10% of SkyAI. It has called for an independent review of the SOL sales and said it will not take part in the buyback under the proposed terms.
Bastion wanted a price of $3.50 per share. It also asked for limits on insiders and for strategic advisor warrants to be left out.
On Sept. 14, SkyAI said it still held more than 2 million SOL and reaffirmed its treasury plan. The Oct. 11 announcement then disclosed sales of about 1 million SOL, and a later filing put the remaining balance near 600,000.
SkyAI still says it is building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence. It has not given details on next steps or said whether it will rebuild its SOL holdings.
SOL fell to about $62 in June and has since recovered to near $104, according to CoinGecko. SkyAI shares closed Monday at $2.79, up 5.3%, according to Yahoo Finance. The stock is up about 65% over the past month but down about 41% over the past year.
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