SkyAI sells entire Solana treasury to fund $201 million buyback
The former Sharps Technology has exited its SOL treasury strategy, retaining about $223.8 million in cash before a proposed share and warrant repurchase.
SkyAI, formerly Sharps Technology Inc., has sold its entire Solana (SOL) treasury to fund a proposed $201 million buyback of shares and warrants. The move reverses the company’s recent positioning as one of the largest publicly traded Solana treasury companies and leaves its future digital-asset strategy unclear.
From major SOL holder to zero exposure
SkyAI said Monday that it held approximately $223.8 million in cash as of Oct. 16 and had completed the sale of all its SOL. If the buyback is fully subscribed, the company expects to retain roughly $22.5 million before costs.
The disposal followed a rapid reduction in the company’s holdings:
- On Sept. 14, SkyAI said it held more than 2 million SOL and remained committed to its Solana treasury strategy.
- An Oct. 11 buyback announcement disclosed sales of approximately 1 million SOL.
- A subsequent filing indicated that roughly 600,000 SOL remained.
- Monday’s announcement confirmed that the remaining SOL had also been sold.
The transactions remove SkyAI from the group of public companies maintaining significant SOL reserves. The company had previously ranked as the fifth-largest Solana treasury company by holdings.
Buyback faces shareholder opposition
SkyAI is offering $3 per share or warrant to repurchase up to 95% of outstanding shares. The company dropped a condition that would have required SOL to remain above $100, because it no longer owns the token.
Bastion Trading, which owns nearly 10% of SkyAI, objected to the proposed terms and called for an independent review of the SOL sales. It also said it would not participate in the buyback under the original conditions.
Bastion requested a higher repurchase price of $3.50 per share, restrictions on insider participation and the exclusion of strategic-advisor warrants. The dispute adds scrutiny to both the treasury liquidation and the proposed reduction in SkyAI’s public float.
What This Means
SkyAI’s exit is a notable reversal for publicly traded companies using SOL holdings as a treasury strategy. Rather than maintaining exposure to Solana, SkyAI is converting its reserve into cash and returning much of that capital through a corporate buyback.
The move may weaken the investment case for shareholders seeking direct SOL exposure through public companies, while highlighting the governance and valuation risks of treasury-led strategies. SkyAI continues to describe its business as building a financial platform combining stablecoin rails on Solana with AI, but the announcement provides no timeline for rebuilding its SOL treasury or further details on that platform. The company said it plans to remain listed on Nasdaq after the buybacks are completed.