Key Notes
- SkyAI confirmed the sale of approximately 1 million SOL, leaving about half its previous treasury holding.
- The company plans a cash tender offer worth up to $201 million and may sell additional SOL depending on market conditions.
- Sale proceeds remain undisclosed, and the proposed tender offer is subject to conditions and has not yet commenced.
SkyAI has sold approximately 1 million SOL, cutting its Solana treasury in half, and said it may sell more depending on market conditions. The Nasdaq-listed company plans to use cash and proceeds from token sales to fund a proposed tender offer worth up to approximately $201 million.
The company disclosed the sale alongside plans to purchase up to 95% of each class of its outstanding common stock and specified warrants for $3 apiece. SkyAI said it still held about 1 million SOL when the announcement was issued late on October 11 in New York.
The disclosure confirms a substantial reduction in holdings, but does not identify sale dates, execution prices, trading venues or total proceeds. Dollar estimates attached to the tokens in market commentary should therefore not be treated as a confirmed amount of cash raised.
From Staking a Treasury to Returning Capital
The sale marks a change from SkyAI’s September update, when it reported holding more than 2 million SOL, nearly all staked with institutional validators. At that point, the company presented the holdings as its primary treasury reserve and a source of revenue to support operations and development.
SkyAI launched its Solana treasury strategy in August 2025. Through June 30, 2026, it had recognized more than $12 million in staking revenue after validator commissions. It also reported approximately $12.1 million in cash and stablecoins and no outstanding debt as of that quarter-end.
Those cash and debt figures describe the earlier reporting period, rather than an updated balance sheet after the latest sales. The new announcement does not provide a detailed reconciliation showing how much cash the transactions generated or how the remaining SOL is currently deployed.
For shareholders, selling tokens to repurchase securities changes the form of the investment. Cash can be returned to participating holders, while those who remain invested would own shares in a company with a smaller token reserve and a different number of outstanding securities.
The outcome depends on participation, actual repurchase spending and any further SOL disposals. A reduction in the absolute treasury alone does not establish whether the value attributable to each remaining share will rise or fall.
The $3 Offer Still Has Conditions
SkyAI expects the tender offer to begin around October 15 and remain open for 10 business days, unless extended or terminated earlier. It would cover up to 46.37 million common shares and 20.72 million warrants across the specified classes.
The proposed terms include a minimum participation threshold of 50% for each class and a condition that SOL’s closing price remain above $100 throughout the offer period. The company says it may waive conditions, while final terms are to appear in its SEC tender-offer materials.
The plan remains unlaunched and could change or fail to proceed. A target size of $201 million is the maximum proposed purchase amount, rather than money already distributed to investors.
That distinction also matters for the token market. SkyAI has confirmed a completed sale of about 1 million SOL, while further disposals remain a possibility. The announcement does not establish a daily selling schedule or show how much of any recent market decline was caused by the company’s transactions.
Forward Industries’ Takeover Approach Rejected
The capital-return plan comes as SkyAI’s board rejects the latest acquisition approach from fellow Solana treasury company Forward Industries. SkyAI said the proposed exchange ratio of 0.306 Forward shares per SkyAI share undervalued the business and offered insufficient certainty over timing and value.
Forward’s September proposal allowed holders to elect cash, Forward stock or a combination. Based on Forward’s September 14 closing price of $6.95, the ratio implied $2.13 per SkyAI share, compared with SkyAI’s $1.42 closing price that day.
That was a historical implied valuation. Because the exchange ratio was fixed, the dollar equivalent could move with Forward’s share price. It should not be treated as a current cash bid directly interchangeable with SkyAI’s proposed $3 tender price.
Forward described its proposal as non-binding and subject to due diligence, definitive agreements and approvals. Neither the takeover approach nor SkyAI’s alternative provides investors with a completed transaction.
A Different Route to Treasury Liquidity
The decision adds to the different ways listed crypto holders are managing their balance sheets. CoinScreamer previously covered Solana Company’s staked SOL lending arrangement, designed to provide liquidity against tokens retained in custody.
In Bitcoin, Metaplanet’s liquidity demonstration involved selling and subsequently repurchasing BTC to show credit investors that the treasury could be converted into cash. SkyAI’s stated purpose is different: financing a proposed return of capital to its own security holders.
The immediate questions are how many holders participate, whether the tender proceeds on the expected terms and how much SOL the company ultimately retains. SkyAI’s confirmed sale establishes the reduction so far; it does not resolve the size or timing of any additional selling.
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