SkyAI has sold its entire Solana treasury and is proceeding with a cash tender offer worth about $201 million, reversing the reserve strategy that had made it one of the largest listed holders of SOL.
The company, formerly Sharps Technology, disclosed that it held approximately $223.8 million in cash as of October 16 and had completed the sale of its SOL, according to Monday reporting by The Block citing its announcement. The disclosure concerns completed sales; it does not establish that the tokens were sold on October 19.
The tender offers $3 for each eligible share or warrant and covers up to 95% of each specified security class. The offer is scheduled to expire October 29 unless extended or terminated. Its total potential cost is approximately $201.3 million if fully subscribed.
A treasury strategy gives way to returning capital
The change is substantial. In September, SkyAI had reaffirmed its Solana strategy while describing holdings above two million SOL. Earlier October disclosures then showed the reserve shrinking as the company raised cash for the proposed repurchase.
With no SOL remaining, the company’s direct exposure to changes in the token price has ended. Shareholders now face a different decision: whether to tender eligible securities for the offered cash or remain invested in the business that continues afterward.
SkyAI also removed a previously proposed condition tied to SOL staying above $100. That condition would no longer reflect a treasury whose assets have already been converted into cash. Its removal separates completion of the offer from a future token-price test.
The offer price remains contested
Bastion Trading, a major shareholder, had called for a higher buyback price and an independent review of the SOL sales. Monday’s reported terms retain the $3 offer price. The dispute concerns the allocation of value between tendering investors, remaining holders and other eligible securities, not simply whether Solana rises or falls.
A tender offer is not a promise that every outstanding security will be purchased. The stated limits apply by class, and participation beyond those limits can require purchases to be allocated proportionally. Investors also need to distinguish the offer’s headline capacity from the amount actually paid when it closes.
If the full approximately $201.3 million were spent against the disclosed cash balance, about $22.5 million would remain before costs. That arithmetic is not a forecast of the final balance: actual participation, expenses and other changes can affect the outcome.
The remaining business is a separate question
SkyAI continues to describe plans for a financial platform combining Solana-based stablecoin payments with artificial intelligence. Continuing to use a blockchain for a product does not require holding its native token as the company’s main treasury reserve.
That distinction also changes how the shares should be understood. Our guide to crypto treasury stocks, net asset value and dilution explains why a corporate share is a claim on a business and its capital structure, rather than a simple interchangeable receipt for a token balance.
The announced liquidation removes SOL exposure from this particular treasury. It does not establish a broader withdrawal by all corporate holders, or prove what effect the completed sales had on market prices. The next concrete result will be the tender’s take-up and the resources left for SkyAI’s remaining plans.