SkyAI dumps its entire Solana treasury and offers up to $201 million to buy back 95% of its stock

Summary

SkyAI, the Nasdaq-listed company formerly called Sharps Technology, said it has sold all of its SOL and held about $223.8 million in cash as of Oct. 16, according to a press release filed with the SEC on Monday and reports from The Block and Cointelegraph.

The company is offering $3.00 in cash per share or warrant for up to 95% of each class of its outstanding stock and warrants, which would cost about $201.3 million if fully subscribed; the offer expires just after 11:59 p.m. New York time on Oct. 29 unless extended.

Because it no longer holds any SOL, SkyAI dropped a condition it had planned when it announced the buyback on Oct. 11 that would have tied the offer to SOL’s price, which The Block described as a requirement that SOL stay above $100.

The Block said SkyAI was the fifth-largest publicly traded Solana treasury company in September with more than 2 million SOL, and that Bastion Trading, which owns nearly 10% of the company, had called for an independent review of the SOL sales and said it would not take part on the proposed terms.

Key facts

• SkyAI said the $3.00 price is about 0.95 times its net asset value, based on roughly 70.6 million shares and warrants outstanding and about $223.8 million in net cash as of Oct. 16. (SEC EDGAR (SkyAI 8-K))
• The offer covers up to 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants, is paid from cash on hand with no financing condition, and requires at least 50% of each class sought to be tendered. (SEC EDGAR (SkyAI 8-K))
• The Block said that if the buyback is fully subscribed, SkyAI would be left with roughly $22.5 million before costs, and that the company plans to stay listed on Nasdaq afterward. (The Block)
• The Block said Bastion wanted a $3.50 price, restrictions on insiders and the exclusion of strategic advisor warrants; The Block said SkyAI did not immediately reply to a request for comment. (The Block)
• Cointelegraph said SkyAI held about 2.08 million SOL at the end of 2025 with a cost basis of $403.1 million, roughly $194 per token, when the holdings were valued at $250.1 million. (Cointelegraph)
• Share-price figures differ by timing: The Block said SKYA was up 4.5% at $2.77 during the day, while Cointelegraph said it closed at $2.79, up 5.3%, citing Yahoo Finance. (Cointelegraph)
• SkyAI still describes itself as building a financial platform that will combine stablecoin rails on Solana with AI. (SEC EDGAR (SkyAI 8-K))