SkyAI liquidates entire $SOL stash, pivots to $201M self-buyback 🪙➡️💰

SkyAI, the Solana-treasury company formerly known as Sharps Technology, has sold its complete $SOL holdings and opened a tender offer to repurchase up to $201.3 million of its own shares and warrants, according to a Monday filing with the US Securities and Exchange Commission. The transaction reverses the digital-asset treasury strategy the firm launched roughly a year ago and shifts capital back to shareholders through a cash-funded buyback.

The company reported approximately $223.8 million in cash as of Oct. 16 following the liquidation of its SOL position. The tender offer, open to both common shareholders and warrant holders, covers up to 95% of each class of outstanding securities at a fixed price, funded entirely from on-hand cash. In its Oct. 11 announcement, SkyAI had originally tied the buyback to the price of SOL; the company confirmed Monday that the price condition has been removed.

SkyAI shares closed at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock is up approximately 65% over the past month but remains down about 41% over the trailing twelve months.

The pivot ends a treasury cycle that began in August 2025, when SkyAI raised more than $400 million through a private placement. The following month it accumulated more than 2 million SOL, and by year-end it held 2.08 million SOL at a cost basis of $403.1 million, equating to roughly $194 per token. Mark-to-market valuations at that point totaled $250.1 million, leaving the company with approximately $153 million in unrealized losses.

Those losses were part of a wider squeeze on public Solana treasury vehicles: by February 2026, similar firms collectively faced more than $1.5 billion in paper losses as SOL's price declined. $SOL fell to about $62 in June before rebounding; it traded near $104 as of Monday, per CoinGecko data. SkyAI said it will continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence.