SkyAI Sells Entire Solana Treasury a Month After Reaffirming Strategy

SkyAI, Inc. has sold its entire Solana (SOL) treasury to fund a cash tender offer for most of its shares and warrants, reversing a strategy it reaffirmed just over a month ago.

The Nasdaq-listed company held no SOL and about $223.8 million in cash as of Oct. 16. Its tender offer, which began that day, seeks up to 95% of each eligible class at $3 per share and $2.9999 per warrant. A full subscription would cost about $201.3 million, funded with cash on hand.

On Sept. 14, SkyAI reaffirmed its Solana treasury strategy and said it held more than 2 million SOL. Its balance had fallen to about 600,000 SOL by Oct. 11. Three days later, it reported about 210,000 locked SOL.

SkyAI also removed a proposed condition requiring SOL to stay above $100 during the offer because it no longer holds the token. Minimum participation conditions for shares and warrants still apply. The company plans to remain listed on Nasdaq after the offer.

Formerly known as Sharps Technology, SkyAI adopted a Solana-focused corporate treasury strategy in 2025. The tender offer is scheduled to expire at midnight ET on Oct. 30 (04:00 UTC), unless extended or ended early.