SkyAI sells entire Solana treasury, holds $223.8M in cash ahead of buyback

SkyAI no longer holds any Solana. The Nasdaq-listed company has sold its entire SOL treasury and is now sitting on approximately $223.8 million in cash. The plan for that money is a share buyback. For a company that built its public identity around holding a single crypto asset, that is a full reversal, delivered in about two weeks. SkyAI trades under the ticker SKYA and was previously known as Sharps Technology. The liquidation covered more than 2 million SOL and was wrapped up around October 16, 2026. How SkyAI emptied the vault The sell-off did not happen in one shot. It began in early October, when the company unloaded about 1 million SOL. That first tranche had a specific job. It helped fund a tender offer to repurchase up to 95% of SkyAI’s outstanding shares, along with certain warrants. The tender offer is priced at $3 per share. Its total size is capped at up to $201.3 million. Put the two figures side by side and the math is tidy. The $223.8 million cash pile exceeds the maximum the company could spend on the tender, leaving room above the cap. The cost of the Solana bet The treasury strategy came with a steep entry price. SkyAI’s average purchase price for SOL was around ...