SkyAI, formerly Sharps Technology, has liquidated its entire Solana (SOL) treasury holdings and launched a tender offer to repurchase up to $201.3 million in shares and warrants. The move reverses the company's cryptocurrency accumulation strategy initiated in August 2025.
Following the sale of its SOL position, SkyAI held approximately $223.8 million in cash as of October 16, according to a Securities and Exchange Commission filing released Monday. The tender offer permits shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price, covering up to 95% of each class of outstanding shares and warrants, with funding drawn entirely from cash reserves.
The company modified the tender offer terms, removing an initial condition that tied repurchase pricing to SOL's price when the buyback was first announced on October 11. SkyAI stated it intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence capabilities.
Year-Long Treasury Strategy Ends in Losses
SkyAI's Solana treasury strategy, launched in August 2025 following a private placement that raised more than $400 million, acquired more than 2 million SOL the following month. By year-end 2025, the company held approximately 2.08 million SOL with a cost basis of $403.1 million, or roughly $194 per token.
The holdings were valued at $250.1 million at that time, representing approximately $153 million in unrealized losses. The company's experience reflected broader pressure on publicly traded firms holding SOL as a treasury asset. By February 2026, publicly traded Solana treasury companies collectively faced more than $1.5 billion in combined unrealized losses as token prices declined.
SOL fell to approximately $62 in June before recovering to near $104 as of Monday, according to CoinGecko data. SkyAI shares closed Monday at $2.79, up 5.3% for the day, with the stock gaining approximately 65% over the past month but remaining down about 41% over the past year.
