# SkyAI Sells All Solana to Fund $201 Million Buyback Offer

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/36099
Published: 2026-10-20T23:22:53.000Z
Updated: 2026-10-20T23:22:53.000Z
Section: Business

> The company held about $223.8 million in cash and no SOL as of Oct. 16. Shareholder Bastion Trading is seeking a higher offer price.

SkyAI, Inc. has sold its entire Solana (SOL) reserve and opened a buyback offer worth up to $201.3 million, turning its crypto holdings into cash as a major shareholder challenges the offer price.

SkyAI held about $223.8 million in cash and no SOL as of Oct. 16. Its tender offer covers up to 95% of each eligible class of common shares and warrants at $3 apiece. If fully subscribed, the purchase price would total approximately $201.3 million.

Bastion Trading, which owns nearly 10% of SkyAI, said it would not participate under the proposed terms. It wants at least $3.50 per eligible share or warrant and an independent review of the SOL sales, including when they occurred, the prices received and how they were approved.

In September, SkyAI held more than 2 million SOL and reaffirmed its token treasury strategy. After selling the reserve, it dropped a proposed condition that would have tied the offer to SOL remaining above $100. The company still plans to develop a financial platform combining stablecoin infrastructure on Solana with AI and intends to keep its Nasdaq listing.

The deadline for tendering is Oct. 29, 2026, unless SkyAI changes it.