On Monday, Melville, New York-based SkyAI, a publicly traded U.S. fintech and digital asset treasury firm, announced its complete exit from solana (SOL) and unveiled an ambitious share buyback initiative that could return as much as $201.3 million to investors. This announcement, and others before it, have bolstered SkyAI shares a great deal.
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Key Takeaways
- SkyAI has liquidated its entire solana treasury, leaving the Nasdaq-listed company holding $223.8 million in cash.
- The company launched a $201.3 million buyback offer at $3 per security, covering up to 95% of its shares.
- SKYA shares gained over 5% Monday as investors weighed the buyback offer, which expires Oct. 29.
SkyAI Cashes Out of Solana, Puts $201.3 Million on the Table
Rather than continuing to hold cryptocurrency, the company has converted its SOL holdings into cash and is giving shareholders and warrant holders an opportunity to exit at a fixed price. SkyAI, the Nasdaq-listed firm trading under the ticker SKYA, disclosed that it launched a major cash buyback offer worth up to $201.3 million, giving shareholders and warrant holders an opportunity to sell their holdings directly to the company for $3 apiece.
The offer began Oct. 16, 2026, and is scheduled to expire Oct. 29, unless extended or canceled. The company said it is offering to purchase as much as 95% of its outstanding shares and three types of warrants. Warrants are essentially financial instruments that give their owners the right to purchase company shares under certain conditions.
SkyAI is allowing warrant holders to sell those instruments directly without first converting them into shares. The company basically sold its entire solana (SOL) position and now holds approximately $223.8 million in cash. Originally, SkyAI expected to make the offer dependent on solana’s market price. However, because it has liquidated its entire SOL position, that condition has been eliminated.
SKYA Shares Continue to Rally as Buyback Terms Take Shape
SKYA is doing well following the news, up more than 5% during Monday’s trading session. Over the last month, shares have climbed more than 55%. The $3 purchase price represents approximately 95% of the company’s net asset value, or NAV, which is the value of its assets after subtracting its liabilities. In other words, SkyAI is offering investors slightly less than the estimated net value backing each security.
There are several important conditions. At least half of the securities offered for purchase must be submitted in each required category for that portion of the buyback to proceed. If too many investors participate, then SkyAI will purchase securities proportionally rather than accepting every submission in full.
Investors can withdraw their shares or warrants before the deadline. Those whose securities are accepted will receive cash after the offer closes. SkyAI intends to remain publicly traded on the Nasdaq exchange after completing the transaction. Its board has approved the offer but has not recommended whether investors should participate.
SkyAI is one of many firms that have abandoned their digital asset treasury (DAT) model. Other companies like Satsuma Technology, Prenetics Global, Genius Group, Sequans Communications, and Vaultz Capital have done the same. Some of them were underwater on their DAT investments, and others sold their crypto at a loss.