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SkyAI sells entire Solana treasury and launches $201m buyback

The former Sharps Technology has liquidated its SOL holdings and is offering to repurchase up to $201m in shares and warrants, funded from $224m in cash, Cointelegraph reports.

Why it matters: The retreat shows a listed company abandoning a Solana treasury strategy after heavy unrealised losses, a pattern that has weighed on similar corporate crypto holders.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: SkyAI sells entire Solana treasury and launches $201m buyback
Image: Cointelegraph
Original reporting: Nate Kostar, Cointelegraph

Key points

  • SkyAI held about $224m in cash as of 16 Oct after selling all its SOL, per an SEC filing on Monday.
  • The tender offer covers up to 95% of each class of shares and warrants and is no longer tied to SOL's price.
  • The firm bought over 2 million SOL from August 2025, holding about 2.08 million tokens at a $403m cost basis by the end of 2025.

SkyAI has sold its entire Solana treasury and launched a tender offer to buy back up to $201m in shares and warrants, Cointelegraph reports, reversing the crypto accumulation strategy of the company formerly known as Sharps Technology.

The buyback lets shareholders and warrant holders sell securities back to SkyAI at a fixed price.

SkyAI began its Solana treasury strategy in August 2025, raising more than $400m through a private placement, and acquired over 2 million SOL the next month. By the end of 2025 it held about 2.08 million SOL at a cost basis of $403m, or roughly $194 per token, valued at $250m, leaving about $153m in unrealised losses.

What to watch: SkyAI's tender offer, announced on 11 Oct and detailed in Monday's filing, remains open for shareholders and warrant holders to sell securities back to the company.

Read the full story on Cointelegraph

Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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