SkyAI Exits Its Solana Position and Opens a $201 Million Tender

SkyAI, the former Sharps Technology, has sold all of its SOL and is offering to buy back up to $201.3 million of its own shares and warrants. The reversal of a treasury plan launched in August 2025 comes as a dispute over the $3 offer price emerges.

SkyAI liquidates its SOL and turns to its own shareholders

SkyAI, formerly the medical device maker Sharps Technology, has sold every SOL token it held and is now asking investors to sell shares and warrants back to the company. Cointelegraph reported that the tender offer is worth up to $201.3 million and is paid entirely from cash on hand. A filing with the US Securities and Exchange Commission on Monday put that cash at about $223.8 million as of Oct. 16.

According to Cointelegraph, SkyAI will accept tendered securities up to a ceiling of 95% of each class of its shares and warrants that are currently outstanding. The Block adds that the buyback is priced at $3 and runs through Oct. 29. Holders who want to take part therefore have a short window.

SkyAI has not abandoned Solana as a technology, however. Cointelegraph reported that the company still intends to build a financial platform that pairs stablecoin infrastructure on Solana with artificial intelligence. What it has dropped is the balance-sheet bet on the SOL token itself.

The figures that define the deal

The reported numbers show how large the reversal is relative to the company's original plan. They also show how the tender compares with the stock's recent trading.

• Cash held after the sale: about $223.8 million as of Oct. 16, per the SEC filing cited by Cointelegraph.
• Tender size: up to $201.3 million, covering up to 95% of each class of shares and warrants.
• Offer price: $3 per share, per The Block and The Defiant, with The Block giving an Oct. 29 end date.
• Monday close: $2.79 per share, up 5.3% on the day, according to Yahoo Finance data cited by Cointelegraph.
• End-2025 position: about 2.08 million SOL, acquired for a total of $403.1 million, or around $194 for each token.

How a device maker became a Solana treasury company

Cointelegraph traced the strategy back to August 2025, when the company raised more than $400 million in a private placement. It bought more than 2 million SOL the following month, a position then worth more than $400 million. By the end of 2025 it held about 2.08 million SOL, valued at $250.1 million in its annual disclosures, which implied roughly $153 million in unrealized losses.

The model is simple in principle. A listed company raises capital, buys a token and lets investors gain exposure to it through the shares. The approach works while the token rises and the stock trades at a healthy premium to the holdings. It strains when the token falls, because the shares can drift toward or below the value of the assets behind them.

Cointelegraph reported that SOL-focused treasury companies as a group carried more than $1.5 billion in combined unrealized losses by February 2026. SOL then fell to around $62 in June before recovering to about $104 on Monday, per CoinGecko. The same outlet notes that SkyAI shares have gained about 65% over the past month but remain down about 41% over the past year.

Where the three outlets agree and where they differ

All three outlets agree on the core facts: SkyAI sold its entire SOL treasury, holds $223.8 million in cash and is running a buyback of about $201 million. Cointelegraph, the only one with full text available, supplies the filing date, the 95% cap and the treasury history. The Block contributes the $3 price and the Oct. 29 deadline.

The Defiant is the only outlet to mention friction. Its summary says SkyAI dropped the offer's SOL-price condition but kept a $3 share price that Bastion Trading has challenged. Cointelegraph also reports that SkyAI removed any link between the offer and the SOL price, which the company had intended to include when it first announced the buyback on Oct. 11. It does not mention Bastion Trading.

The summaries of The Block and The Defiant do not describe the nature of the challenge, who else supports it or whether it could change the terms. That detail should be read in the filing and in the full Defiant report. One reported comparison is worth noting: the $3 offer sits above the $2.79 Monday close, though the outlets do not say whether that gap is part of the dispute.

What the exit says about treasury strategies

The sale closes out a position whose cost basis was about $194 per token at the end of 2025, while SOL traded near $104 on Monday. The outlets do not report the prices at which SkyAI sold or the timing of the sales, so the size of any realized loss is not established. The filing is the place to look for those details.

For token holders, the episode illustrates a general point about treasury companies. Their holdings are visible and their disclosures can reveal when a corporate buyer is reducing exposure. Project teams that count on such buyers for demand, or that hold stakes alongside them, may want to track filings as closely as on-chain data.

The network SkyAI says it still wants to build on is sizeable. DefiLlama is not cited by the outlets, but its data puts Solana's DeFi total value locked at $5.91 billion. Readers following projects on the chain can browse newly listed tokens on Coinvote's new Solana tokens page.

Open questions as the Oct. 29 deadline approaches

Several points remain unresolved in the reporting. It is not yet clear how many shareholders and warrant holders will tender, or whether the 95% cap will matter in practice. Nor do the summaries explain whether Bastion Trading's challenge could lead SkyAI to revise the $3 price or the terms.

A second question concerns the business that remains. With the treasury converted to cash and a large part of that cash earmarked for the tender, SkyAI's stablecoin and AI platform will rely on whatever funds are left after the offer closes. Cointelegraph's report does not say how much capital the company plans to devote to it.

Readers who hold the shares or warrants can check the tender documents for the exact price per security, the expiration time and any proration rules. Those terms, rather than the headline figure of $201 million, determine what each holder would actually receive.

On Coinvote

• New Solana Tokens Listed Today: 3,691 projects tracked, 41 new listings in 7 days, 1,084 community votes today.
• Best Solana Meme Coins Today: 2,410 projects tracked, 24 new listings in 7 days, 520 community votes today.

FAQ

Why did SkyAI sell its Solana treasury?

The outlets do not state a reason for the sale. Cointelegraph reports that the company converted its SOL to cash and used that cash to fund a tender offer for its own shares and warrants. Any link between the treasury's losses and the decision is not established.

How much is the SkyAI tender offer worth and when does it end?

Cointelegraph reported that the tender offer is for up to $201.3 million. It covers up to 95% of each class of shares and warrants. The Block reported that the $3 buyback runs through Oct. 29.

Who is Bastion Trading in the SkyAI story?

The Defiant's summary says Bastion Trading has challenged the $3 share price that SkyAI kept for the tender. The summary does not explain the grounds of the challenge, so readers should consult the full report and the company's filing for details.

Sources

• Cointelegraph: Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback (2026-10-19)
• The Block: SkyAI sells off entire Solana treasury as it launches $201 million buyback (2026-10-19)
• The Defiant: SkyAI Sells Entire Solana Treasury, Launches $201 Million Tender (2026-10-19)
• DefiLlama (TVL), Coinvote listing and vote data