SkyAI, formerly Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its cryptocurrency accumulation strategy.
The company held approximately $223.8 million in cash as of Oct. 16 after liquidating its SOL holdings, according to a filing with the US Securities and Exchange Commission on Monday.
The tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. It covers up to 95% of each class of the companys outstanding shares and warrants, funded entirely by cash on hand.
The company said the tender offer is no longer tied to SOLs price, a condition it had initially planned to include when announcing the buyback on Oct. 11. SkyAI intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.
SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock has gained approximately 65% over the past month but remains down about 41% over the past year.
Related: Solana shows resilience, but some areas need continued observation, Fidelity says
SkyAI reverses Solana treasury strategy after one year
SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million through a private placement. The company acquired more than 2 million SOL the following month, establishing a position valued at more than $400 million at the time.
By the end of 2025, the company held approximately 2.08 million SOL with a cost basis of $403.1 million, or roughly $194 per token. Its holdings were valued at $250.1 million, representing approximately $153 million in unrealized losses, according to its annual financial disclosures.
The losses reflected broader pressure on companies that accumulated SOL as a treasury asset. By February 2026, publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses as falling token prices weighed on their holdings and share valuations.
SOL fell to around $62 in June but has since recovered, trading near $104 as of Monday, according to CoinGecko data.
Source: CoinGecko
Magazine: Can the SEC and CFTCs pro-crypto rules be overturned？ Legal opinion