Cryptoupdated 1h ago2 min read
SkyAI Sells All Solana SOL Treasury, Launches $201.3 Million Tender Offer at $3
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SkyAI sold all SOL treasury and holds about $223.8 million cash. Tender offers up to $201.3 million to repurchase shares and warrants at $3.
7 outlets told this the same way.
SkyAI exits SOL
SkyAI, formerly Sharps Technology, sold its entire Solana (SOL) treasury and reported approximately $223.8 million in cash as of Oct. 16, according to a U.S. Securities and Exchange Commission filing.
SkyAI launched a cash tender offer that could deliver up to $201.3 million to investors by repurchasing up to 95% of each class of its outstanding shares and warrants at $3 per share or warrant.
SkyAI said the tender offer is no longer tied to SOL’s price, after the company initially planned a condition requiring Solana to stay above $100 during the offer period.
SkyAI scheduled the offer to run until one minute after 11:59 p.m. New York City time on October 29, 2026, unless it extends it or ends it early.
SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data.
Price dispute with Bastion
Bastion Trading challenged SkyAI’s buyback terms by seeking a higher purchase price of $3.50 per share and calling for more transparency around the timing, quantities and prices of the sales.
Bastion Trading said it would not participate under the proposed conditions, and SkyAI’s $3 offer remained below Bastion’s requested price of at least $3.50.
SkyAI’s tender offer covered up to 95% of each eligible share and warrant class, while the dispute centered on whether the tender process should include an independent review and whether strategic advisor warrants should be excluded.
SkyAI’s Oct. 19 announcement stated the company no longer depended on SOL’s price because it had completed its token sales, and the company said existing cash would cover accepted securities and transaction expenses.
SkyAI’s Oct. 14 SEC-filed update reported $204.6 million in cash and approximately 210,000 locked SOL while saying it intended to sell the remaining tokens.
What happens next
SkyAI said it intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence even after liquidating its SOL treasury. SkyAI also said it intends to remain listed on Nasdaq after the buyback, while the board approved the offer but had not recommended whether investors should participate. The tender offer structure allowed investors to withdraw their shares or warrants before the deadline, and SkyAI would pay cash once the offer closes for securities it accepts.
SkyAI’s buyback was designed to provide an exit for investors who want cash rather than continued exposure to the company’s future business, with the full $201 million described as a maximum offer value rather than a confirmed amount already spent. The dispute with Bastion kept focus on how SkyAI balanced its treasury strategy with shareholder interests, as Bastion sought transaction dates, quantities, realized prices, costs, and details of board approval.