SkyAI Exits Solana Holdings as Buyback Begins
SkyAI, formerly known as Sharps Technology, has sold its entire Solana (SOL) treasury and launched a cash tender offer to repurchase up to $201.3 million in shares and warrants. The company reported approximately $223.8 million in cash as of October 16, 2026, following the liquidation of its digital-asset holdings.
The tender offer commenced on October 16 and was formally announced on October 19. Under the terms, SkyAI is offering to purchase up to 95% of each eligible class of outstanding shares and warrants at a price of $3 per share or warrant, subject to the applicable conditions. The offer is scheduled to expire at 11:59 p.m. New York City time on October 29, unless extended or terminated earlier.
The company’s SEC filing confirms that the offer will be funded from cash on hand and is not subject to a financing condition. If fully subscribed, the total purchase price would be approximately $201.3 million, excluding the final impact of related fees and expenses.
Why SkyAI Changed Its SOL-Linked Buyback Plan
SkyAI initially announced its intention to launch the tender offer on October 11. At that stage, the proposed offer included a condition requiring SOL to remain above $100 per token during the offer period.
The company subsequently sold its remaining SOL and removed that price condition. With no SOL left in its treasury, the tender offer is no longer dependent on the cryptocurrency maintaining a particular market price. This changes the structure of the buyback from the original plan and allows the company to proceed using its cash balance.
SkyAI’s October 14 update had disclosed approximately $204.6 million in cash and around 210,000 locked SOL. The company then completed the sale of its remaining holdings, bringing its reported cash position to approximately $223.8 million by October 16. The progression is detailed in its earlier SEC-filed announcement.
Key Terms of the $201.3 Million Tender Offer
The offer covers up to 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants. Each category is subject to the stated limit of up to 95% of the class outstanding.
Eligible holders can tender their securities directly to the company for cash at $3 per share or warrant, with the applicable $0.0001 exercise-price deduction for the relevant warrants. Holders do not need to exercise eligible warrants into common shares before tendering them.
The offer also has minimum participation requirements. At least 50% of the shares offered for tender must be submitted for the common-stock offer to proceed. The cash pre-funded warrants and cryptocurrency pre-funded warrants have a combined minimum tender condition requiring at least 50% of those warrants offered to be validly tendered and not withdrawn. The full terms and procedures are available in the SEC-filed offer-to-purchase document.
From a $400 Million SOL Treasury to Cash
SkyAI began building its Solana treasury in August 2025, following a private placement that raised more than $400 million. In September of that year, the company announced that it had acquired more than 2 million SOL, establishing a substantial position in the cryptocurrency.
By the end of 2025, the company held approximately 2.08 million SOL with a reported cost basis of $403.1 million, equivalent to roughly $194 per token. The holdings were then valued at approximately $250.1 million, leaving about $153 million in unrealized losses based on those figures. The historical valuation appears in the company’s SEC financial disclosures.
The eventual sale marks a significant shift from that strategy. Instead of continuing to hold SOL as a treasury asset, SkyAI has converted its remaining cryptocurrency position into cash and is using that liquidity to support the tender offer. The available figures establish the change in holdings, although they do not provide a complete transaction-by-transaction breakdown of the final SOL sales.
SkyAI Shares and SOL Market Performance
SkyAI shares closed at $2.79 on Monday, October 19, gaining 5.3% during the session. The supplied market data also indicated that the stock had risen approximately 65% over the preceding month while remaining down about 41% over the past year. Historical and current quotations can be checked through Yahoo Finance’s SKYA page.
SOL, meanwhile, had recovered from a low near $62 in June and was trading around $104 in the October 19 market snapshot. The latest price can be followed through CoinGecko’s Solana page. Cryptocurrency prices fluctuate continuously, so that figure should be treated as a historical reference rather than a current quotation.
The difference between SkyAI’s former SOL cost basis and later market valuations illustrates the financial exposure involved in holding a volatile digital asset on a corporate balance sheet. Selling the holdings removes that direct SOL price exposure, while the tender offer introduces a separate set of considerations around cash deployment, participation levels and the number of securities ultimately repurchased.
AI Financial Platform Remains Part of SkyAI’s Strategy
Despite exiting its SOL treasury, SkyAI has said it intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence. The proposed direction involves using AI to aggregate and analyze onchain financial data and help users manage assets and access global markets.
The company’s strategy therefore separates its planned use of Solana-based infrastructure from holding SOL as a treasury investment. Selling the token does not, by itself, establish that SkyAI is abandoning the Solana ecosystem or its intended stablecoin-related activities.
The tender offer remains subject to its stated terms, participation thresholds and expiration timeline. Investors will be able to assess the outcome through subsequent company disclosures, including the number of shares and warrants tendered and the amount of cash used. For now, the confirmed shift is clear: SkyAI has sold its SOL holdings, reported $223.8 million in cash and begun a buyback offer that could total approximately $201.3 million if fully subscribed.
