SkyAI’s Solana treasury sale has taken the company from the fifth-largest publicly traded SOL holder to owning none of the token. The company confirmed on October 19, 2026, that it had sold its entire reserve to fund a $201 million share and warrant buyback, drawing opposition from shareholder Bastion Trading over the offer’s price and terms.
Key takeaways
- SkyAI reported approximately $223.8 million in cash as of October 16.
- The tender offers $3 for each eligible share or warrant.
- Bastion Trading wants a higher price and an independent review of the SOL sales.
SkyAI’s Solana treasury sale funds cash tender
SkyAI’s October 19 SEC exhibit puts the maximum tender purchase price at approximately $201.3 million, covering up to 67.1 million shares and warrants. Full subscription would leave roughly $22.5 million before costs from its reported cash balance.
The exit follows a sharp reduction in holdings. On September 14, 2026, SkyAI reaffirmed its Solana treasury strategy and reported more than 2 million SOL, ranking fifth among publicly traded Solana treasury companies. Its October 11 buyback announcement then disclosed sales of approximately 1 million SOL. By October 16, its remaining token balance was zero.
The $3-per-security offer covers up to 95% of each of four eligible classes: 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants.
SkyAI also removed the proposed requirement that SOL remain above $100, since it no longer owns the token. Other tender conditions, including minimum participation requirements, remain in place.
Bastion Trading challenges the price and terms
Bastion Trading, which owns nearly 10% of SkyAI, said it would not participate under the proposed conditions. It sought at least $3.50 per eligible security, restrictions on insiders and the exclusion of strategic advisor warrants.
The rapid reduction in SOL holdings also prompted Bastion to demand an independent review. In its October 14 letter, the shareholder requested transaction dates, quantities, average sale prices, gross and net proceeds, costs and details of the authorization process behind the disposals.
Nasdaq listing and financial platform remain in the plans
SkyAI plans to retain its Nasdaq listing after completing the buybacks. The company, formerly Sharps Technology Inc., continues to describe its business as developing a financial platform combining Solana-based stablecoin infrastructure with AI.
SkyAI’s Solana treasury sale leaves it holding cash rather than the token reserve it described in September. Its shares, traded as SKYA, rose 4.5% to $2.77 on October 19, bringing their year-to-date gain to 35%.
Eligible holders have until October 29, 2026, to tender their securities unless SkyAI changes the deadline.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.