# SkyAI Sells Entire Solana Treasury, Opens $201.3 Million Tender Offer

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/35573
Published: 2026-10-20T11:06:32.000Z
Updated: 2026-10-20T11:06:32.000Z
Section: Business

> SkyAI held about $223.8 million in cash as of Oct. 16. The offer covers shares and warrants and is no longer tied to SOL’s price.

SkyAI, Inc. sold its entire Solana (SOL) treasury and opened a cash tender offer worth up to $201.3 million, shifting funds from token holdings toward repurchases of its shares and warrants.

SkyAI held about $223.8 million in cash as of Oct. 16. It is seeking to purchase up to 95% of each eligible class of shares and warrants.

SkyAI had initially planned to make the offer conditional on SOL’s price. It removed that condition after selling its remaining tokens. The company plans to pay for purchases in cash.

The sale follows a steep decline in the value of SkyAI’s former treasury. At the end of 2025, its roughly 2.08 million SOL had a cost basis of $403.1 million and a fair value of $250.1 million, an unrealized loss of about $153 million at that date. SkyAI, formerly Sharps Technology, began its Solana treasury strategy in August 2025 and continues to develop a financial platform using Solana stablecoin infrastructure and artificial intelligence.