SkyAI, a Melville, New York-based publicly traded fintech and digital asset treasury firm, announced on Monday its complete liquidation of Solana holdings and the launch of a $201.3 million buyback program offering to repurchase up to 95% of its outstanding shares and warrants.
The company, trading on Nasdaq under ticker SKYA, converted its entire SOL position into cash, resulting in approximately $223.8 million held in liquid reserves. The buyback offer, which began October 16 and expires October 29, allows shareholders and warrant holders to sell their securities directly to the company at $3 per share or warrant.
Buyback Terms and Conditions
The $3 purchase price represents approximately 95% of the company's net asset value. The offer covers three types of warrants, allowing warrant holders to sell those instruments directly without converting them to shares first.
Several conditions apply to the buyback. At least half of the securities offered in each required category must be submitted for that portion to proceed. If participation exceeds capacity, SkyAI will purchase securities proportionally. Investors retain the right to withdraw their securities before the deadline.
SkyAI's board has approved the offer but has not recommended whether investors should participate. The company intends to remain listed on the Nasdaq following the transaction.
Market Response
SKYA shares gained more than 5% during Monday's trading session. Over the previous month, shares had climbed more than 55%.
Broader Trend
SkyAI is among several firms that have abandoned the digital asset treasury model. Other companies including Satsuma Technology, Prenetics Global, Genius Group, Sequans Communications, and Vaultz Capital have similarly exited cryptocurrency holdings.
