SkyAI, formerly known as Sharps Technology Inc., has completely liquidated its Solana (SOL) holdings, marking a dramatic shift from its previous position as the fifth-largest Solana treasury company. The firm announced on Monday that it had sold all of its SOL reserves to finance a $201 million share and warrant buyback. As of October 16, SkyAI reported holding approximately $223.8 million in cash, with plans to retain roughly $22.5 million after the buyback, assuming full subscription.
Just over a month ago, on September 14, SkyAI had reaffirmed its commitment to its Solana treasury strategy, stating it held more than 2 million SOL. However, subsequent disclosures revealed a rapid sell-off, with the company first selling about 1 million SOL on October 11, followed by the liquidation of its remaining 600,000 SOL. This abrupt change in strategy prompted Bastion Trading, which owns nearly 10% of SkyAI, to call for an independent review and decline participation in the buyback under the proposed terms.
SkyAI is offering $3 per share or warrant to repurchase 95% of its outstanding shares. The company initially proposed a condition requiring SOL to remain above $100, but this was dropped after the complete sale of its SOL holdings. Bastion Trading had sought a higher buyback price of $3.50 per share, along with restrictions on insiders and the exclusion of strategic advisor warrants. Despite these disagreements, SkyAI remains focused on its core business of building a financial platform that integrates stablecoin rails on Solana with AI technology.
SkyAI shares (SKYA) are up 4.5% on the day to $2.77, reflecting a 35% gain year to date. The company has also indicated plans to maintain its listing on the Nasdaq following the completion of the buybacks.