SkyAI, one of the publicly traded companies contributing to the Solana treasury, reportedly sold approximately 1.25 million SOL in the last five days. This amount is worth approximately $138 million in current market value.
According to on-chain data, an additional 211,623 SOL were sent to Coinbase Prime from wallets linked to the company. SkyAI had confirmed the sale of approximately 1 million SOL the day before. Assuming this latest transfer was also for resale purposes, the company’s total sales over the past five days reach approximately 1.25 million SOL.
SkyAI has announced that its decision to reduce its Solana reserves is driven by a plan to repurchase shares in the company. The company aims to repurchase up to 95% of the shares it has issued.
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However, it has not yet been directly confirmed that all 211,623 SOL sent to Coinbase Prime have been sold.
When examining the Solana price during the same period, a drop of approximately 8% in the last week is noticeable. However, this decline parallels the general downturn experienced across the market.
*This is not investment advice.
Continue Reading: Company with an Altcoin Treasury Begins Selling: $138 Million in Sales in Five Days