SkyAI, a Nasdaq-listed company that had positioned itself around a Solana treasury strategy, says it has sold its entire SOL position and launched a cash tender offer to buy back certain outstanding shares and warrants.
The offer, outlined in an October 19 filing with the Securities and Exchange Commission, sets a cash purchase price of $3 per share or warrant. SkyAI is offering to repurchase as much as 95% of certain outstanding shares and warrants, a transaction that would total approximately $201.3 million if fully subscribed by eligible holders.
Offer terms and cash position
SkyAI disclosed $223.8 million in cash as of October 16 and confirmed that its Solana sales were complete by that date. Because the SOL holdings have been sold, the tender offer is no longer conditional on the price of SOL, a material change from an earlier version of the plan.
The tender is scheduled to expire on October 29 unless it is extended or terminated earlier. The offer remains subject to its stated conditions.
A different direction from other crypto treasury companies
The move stands out among listed cryptocurrency treasury companies, many of which have spent recent months explaining why they intend to keep accumulating tokens. SkyAI is taking the opposite approach by returning cash to investors through an offer whose terms are set out in its SEC documents.
The company’s decision is not a verdict on Solana’s technology, but it highlights that the capital structures built around crypto holdings can change more quickly than the underlying networks themselves.
