SkyAI Dumps Solana Holdings and Launches $201 Million Tender Offer Amid Treasury Strategy Shift
SkyAI, previously known as Sharps Technology, has exited its position in Solana (SOL) by selling all of its holdings and initiated a tender offer to repurchase up to $201.3 million worth of its shares and warrants, signaling a departure from its earlier crypto accumulation approach.
As of October 16, following the liquidation of its SOL assets, the company possessed roughly $223.8 million in cash, according to a filing submitted to the U.S. Securities and Exchange Commission on Monday.
The tender offer permits current shareholders and warrant holders to sell their securities back to SkyAI at a predetermined price. It applies to up to 95% of each class of the company’s outstanding shares and warrants, and the buyback is fully financed by existing cash reserves.
SkyAI announced that the tender offer has been decoupled from the price of SOL, removing a previous condition planned when the buyback was first revealed on October 11. The company plans to further develop a financial platform that integrates stablecoin infrastructure on Solana with artificial intelligence technologies.
On Monday, SkyAI shares ended the day at $2.79, reflecting a 5.3% increase, based on data from Yahoo Finance. While the stock has surged approximately 65% over the past month, it remains about 41% lower compared to the previous year.
SkyAI initially embarked on its Solana treasury strategy in August 2025, following a private placement that raised over $400 million. The subsequent month, the company acquired more than 2 million SOL tokens, establishing a position valued at over $400 million at that time.
By the close of 2025, SkyAI held approximately 2.08 million SOL with a cost basis near $403.1 million, averaging about $194 per token. However, the market value of these holdings was $250.1 million, representing around $153 million in unrealized losses according to annual financial reports.
These losses illustrate broader challenges faced by firms that built treasury reserves with SOL. By February 2026, companies publicly holding Solana as treasury assets collectively encountered over $1.5 billion in unrealized losses, as falling token prices negatively impacted asset values and stock prices.
The price of SOL dropped to roughly $62 in June but has since climbed back, trading at about $104 as of Monday, based on CoinGecko data.
SkyAI’s shift away from Solana holdings and the implementation of a substantial tender offer reflect a significant reevaluation of its treasury strategy in response to market volatility and unrealized losses. This move highlights the challenges and risks companies face when managing crypto assets within their corporate treasuries.
SkyAI’s strategic pivot underscores important considerations for firms balancing crypto asset management with the need for financial stability, signaling a cautious approach amid fluctuating token valuations.
Why it matters
This adjustment in SkyAI’s asset management strategy illustrates the growing complexity and risks of holding volatile cryptocurrencies as corporate treasury assets, shedding light on how market conditions can drive significant strategic shifts in crypto investment policies.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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