SkyAI has decided to offload its entire Solana holdings onto the market. The company, which previously operated under the name Sharps Technology, has completely liquidated its SOL reserves and holds $223.8 million in cash as of October 16, 2026. The digital asset divestment marks the end of the crypto accumulation strategy the firm pursued over the past year.
The cash proceeds from the token sale will not simply sit on the balance sheet. SkyAI immediately redirected most of that liquidity to fund a buyback program for the company’s publicly traded securities.
Proceeds Earmarked to Buy Back Shares
In a regulatory filing with the US Securities and Exchange Commission (SEC), SkyAI announced the launch of a tender offer to buy back shares and warrants valued at up to $201.3 million. The offer is designed to cover up to 95% of each class of outstanding securities, fully funded directly from cash on hand.
The initial terms of the offer previously included a clause tied to SOL price movements as a condition for execution. However, official documents filed with the SEC confirmed that the token price condition has been completely removed from the tender offer.
The stock market welcomed the announcement at the close of trading on Monday, with SkyAI shares rising 5.3% to finish at $2.79. Monday’s gain adds to the stock’s positive momentum, up around 65% over the past month, though it remains down approximately 41% over the trailing 12-month period.
The Path of a $400M Ambition Derailed by Market Correction
SkyAI’s crypto treasury strategy began in August 2025, when the company raised over $400 million through a private placement. A month later, the fresh capital was used to purchase more than 2 million SOL tokens, valued at over $400 million at the time of the transaction.
The massive capital deployment soon ran into market headwinds. By February 2026, public companies pursuing SOL treasury strategies faced combined unrealized losses exceeding $1.5 billion as token prices slumped. SOL itself tumbled to around $62 in June 2026, before recovering to roughly $104 in trading this Monday.
Moving Forward Without Token Reserves
Although all tokens have been sold and the accumulation strategy is officially shuttered, SkyAI stated it remains committed to its technology development projects. The company plans to continue building a financial platform combining stablecoin infrastructure on the Solana network with artificial intelligence.
For shareholders, this new direction marks a clear shift: cash reserves are now being used to buy back their own securities, while the company’s multi-million Solana holdings have officially come to an end.
Reported via Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
