SkyAI Liquidates Solana Treasury, Announces $201M Share Buyback

SkyAI, the Solana treasury firm formerly known as Sharps Technology, has sold its entire SOL holdings and launched a tender offer to repurchase up to $201.3 million in shares and warrants. According to an Oct. 19 filing with the US Securities and Exchange Commission, the company held approximately $223.8 million in cash as of Oct. 16 following the liquidation, reversing the cryptocurrency accumulation strategy it launched just over a year ago. The tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price, covering up to 95% of each class of outstanding shares and warrants and funded entirely by cash on hand.

The buyback marks a significant strategic retreat for SkyAI, which entered the Solana treasury space in August 2025 after raising more than $400 million through a private placement. By September 2025, the company had acquired more than 2 million SOL, establishing a position valued at over $400 million at the time. Its annual financial disclosures showed that by year-end 2025, SkyAI held approximately 2.08 million SOL at a cost basis of $403.1 million—roughly $194 per token—with a market value of just $250.1 million, representing approximately $153 million in unrealized losses. The company also confirmed it removed a planned condition tying the buyback to SOL's price.

SkyAI's losses reflected broader pressure on publicly traded Solana treasury firms, which collectively faced more than $1.5 billion in combined unrealized losses by February 2026 as declining token prices weighed on both holdings and share valuations. SOL dropped to around $62 in June before recovering to trade near $104 as of Oct. 19, according to CoinGecko data. SkyAI shares closed at $2.79 on Monday, up 5.3% on the day—gaining roughly 65% over the past month but still down about 41% year-over-year.

Despite exiting its SOL treasury strategy, SkyAI said it intends to continue building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence. The company's pivot highlights the volatility of crypto treasury models, where companies that accumulated SOL during the 2025 bull cycle now grapple with rebuilding shareholder confidence amid persistent unrealized losses.