Quick answer: SkyAI, formerly Sharps Technology, has sold its whole Solana treasury and held about $223.8 million in cash on Oct. 16, 2026, per an SEC filing. It is using that cash for a tender offer of $3 per share or warrant, worth up to $201.3 million, which runs until Oct. 29, 2026.
The SkyAI Solana treasury no longer exists. SkyAI, the Nasdaq-listed firm formerly known as Sharps Technology, said in an SEC filing on Oct. 19, 2026, that it has “completed the sale of all of its SOL” and now holds about $223.8 million in cash.
As a result, that cash will fund a buyback of up to $201.3 million. In other words, one of the largest public Solana treasury companies is handing most of its money back to investors.
What happened to the SkyAI Solana treasury?
The sell-off was fast. On Sept. 14, SkyAI said it still held more than 2 million SOL and stayed committed to its treasury plan, The Block reported. At that point it ranked fifth among public Solana treasury firms.
However, less than a month later, the picture changed. Its Oct. 11 buyback notice disclosed sales of about 1 million SOL. Then a filing on Oct. 13 put the balance near 600,000 SOL. By Oct. 14, only about 210,000 locked SOL remained, the company said. Two days later, the rest was gone.
Meanwhile, SkyAI said it sold its recent tokens at an average of $107.51 per SOL, net of fees. In addition, the sales ran through BitGo, Anchorage and Coinbase.
How does the $201M buyback work?
SkyAI offers $3.00 in cash for each share or warrant. The offer covers up to 95% of every class, or about 67.1 million securities in total. It expires one minute after 11:59 p.m. New York time on Oct. 29, 2026, unless SkyAI extends it.
Each class also has a floor, though. At least 50% of it must be tendered for that part of the offer to close. If more than 95% comes in, SkyAI will buy pro rata. Notably, the company dropped an earlier plan to tie the deal to SOL staying above $100, since it no longer holds any SOL, as Cointelegraph noted.
Even so, if the offer fills, SkyAI would keep only about $22.5 million before costs, per The Block. After that, the firm says it will stay listed on Nasdaq afterward.
Why the SkyAI Solana treasury exit matters
First, look at the price. SkyAI says $3.00 equals about 0.95 times its net asset value. With roughly 70.6 million shares and warrants outstanding, the cash alone works out to about $3.17 each. So investors who tender get slightly less than the cash behind their shares.
Second, look at the losses. SkyAI ended 2025 with about 2.08 million SOL at a cost basis of $403.1 million, or roughly $194 per token, per Cointelegraph. Its final sales at $107.51 came in about 45% below that level. Put simply, the treasury bought high and sold far lower.
Third, the market saw this coming. SkyAI shares closed Monday at $2.79, about 7% under the $3 offer price. In effect, that gap shows some doubt that every tendered share will be bought in full.
Why is a top investor pushing back?
Bastion Trading, which owns about 9.99% of SkyAI, objected on Oct. 14. It wants at least $3.50 per share and a public review of the SOL sales. Besides that, it asked for new independent directors and the exclusion of strategic advisor warrants. Bastion said it would not tender unless its concerns are addressed, crypto.news reported.
What does the SkyAI Solana treasury sale mean for SOL?
So far, the impact looks limited. SOL traded at about $104.30 at 07:57 UTC on Oct. 20, 2026, down 1.2% in 24 hours, per CoinGecko. Overall, that is well above its June low near $62.
Still, the SkyAI Solana treasury sale is a warning for the whole sector. Treasury companies only work while their shares trade above the value of their tokens. So when that premium fades, a buyback can make more sense than holding. We covered the same squeeze in our look at crypto treasury companies, where buying has slowed sharply.
What to watch next
- Oct. 29 deadline. The minimum tender levels must be met, or parts of the offer fail.
- Bastion’s next move. A price fight or legal action could delay the deal.
- Copycats. Other Solana treasury firms trading below their asset value may follow.
- Solana upgrades. Network news, such as the Alpenglow mainnet launch, may matter more for SOL than one seller. You can track the live Solana price here.
SkyAI Solana Treasury FAQ
Does SkyAI still hold a Solana treasury?
No. SkyAI said in an SEC filing on Oct. 19, 2026, that it had sold all of its SOL. Instead, it held about $223.8 million in cash as of Oct. 16.
How much is SkyAI offering per share?
SkyAI offers $3.00 in cash per share or warrant for up to 95% of each class. If fully subscribed, the offer costs about $201.3 million and it expires on Oct. 29, 2026.
Did the SkyAI sale crash the SOL price?
No clear crash followed. SOL traded near $104.30 on Oct. 20, 2026, down about 1.2% in a day, per CoinGecko. Instead, the sales were spread across several venues over many days.
Not financial advice. Crypto assets are volatile, so always do your own research (DYOR) before trading.
Sources
- SkyAI SEC filing: tender offer commences, Oct. 19, 2026
- SkyAI SEC filing: net asset update, Oct. 14, 2026
- The Block: SkyAI sells off entire Solana treasury
- The Block: Major shareholder presses SkyAI on Solana sales
- Cointelegraph: SkyAI sells all SOL holdings, launches $201M buyback
- crypto.news: SkyAI buyback faces price dispute
- Bastion Trading statement via GlobeNewswire
- CoinGecko: Solana (SOL)
