TL;DR: SkyAI says it has sold all its SOL and started a cash tender offer that could cost roughly $201.3 million if fully subscribed.
SkyAI’s experiment as a Solana treasury company has taken a dramatic turn. Rather than simply holding through market volatility, the Nasdaq-listed firm says it has sold its entire SOL position and is offering to buy back as much as 95% of certain outstanding shares and warrants.
An October 19 filing with the Securities and Exchange Commission puts the proposed cash purchase price at $3 per share or warrant. If everyone eligible tenders the maximum amount, the purchase would total approximately $201.3 million.
The company disclosed $223.8 million in cash as of October 16 and confirmed that its Solana sales were complete by that point. Consequently, the tender offer is no longer conditional on the price of SOL — a material change from an earlier version of the plan.
The decision is noteworthy because many listed cryptocurrency treasury companies have spent recent months explaining why they intend to keep accumulating tokens. SkyAI is moving in the opposite direction and returning cash to investors through an offer whose terms are defined in its SEC documents.
Shareholders still have choices to make. The tender is scheduled to expire on October 29 unless it is extended or terminated earlier, and the offer remains subject to its stated conditions.
SkyAI’s move is not a verdict on Solana’s technology. It is a reminder that the capital structures wrapped around crypto holdings can change much faster than the networks underneath them.
Written by the News Desk and edited by Samuel Rae.