SkyAI Sells Entire Solana Treasury to Fund $201.3M Buyback
SkyAI has sold all its SOL and opened a tender offer for up to $201.3 million of shares and warrants, backed by $223.8 million in disclosed cash.
Key Notes
- SkyAI says it held no SOL and approximately $223.8 million in cash as of October 16.
- Its tender offer seeks up to 95% of each eligible securities class for an aggregate purchase amount of up to $201.3 million.
- The offer remains conditional, while SkyAI still describes plans for an AI financial platform using Solana stablecoin rails.
SkyAI has sold its entire Solana treasury and opened a cash tender offer worth up to approximately $201.3 million, turning a corporate SOL accumulation strategy into a return of capital to shareholders and warrant holders.
The Nasdaq-listed company said it held about $223.8 million in cash and no SOL as of October 16. Its October 19 announcement confirmed that the offer began on October 16, covering up to 95% of each eligible class of common stock and warrants.
From a two-million-SOL treasury to cash
The completed sale follows the reduction CoinScreamer covered in SkyAI’s earlier one-million-SOL disposal. That announcement left the company with roughly half its previous reserve and allowed for further sales as it prepared the proposed tender offer.
In September, SkyAI had reported more than two million SOL, nearly all staked with institutional validators. The latest disclosure brings those holdings to zero. It does not provide a full breakdown of execution prices or establish that the entire $223.8 million cash balance came from SOL sales.
Selling the reserve also removes the proposed condition that SOL remain above $100 during the offer period. SkyAI says that condition is no longer relevant because it no longer owns the token.
What the $201.3 million offer covers
SkyAI is offering $3 per common share. Cash pre-funded, cryptocurrency pre-funded and strategic warrants can be tendered directly, without first being exercised into shares; their payment is $3 less the $0.0001 exercise price.
The offer covers approximately 67.1 million securities in total. Minimum tender conditions apply, and an oversubscribed class would be purchased proportionately within that class. The announced maximum therefore does not mean SkyAI has already repurchased 95% of its securities.
The offer is scheduled to expire at midnight New York time at the end of October 29, unless extended or terminated earlier. SkyAI intends to fund purchases and expenses from existing cash, without borrowing or a financing condition, and to retain its Nasdaq Capital Market listing.
Full subscription would leave approximately $22.5 million before fees and expenses, based on the disclosed cash balance and maximum purchase amount. Actual spending will depend on participation and completion of the offer.
Other corporate SOL exits took different routes
Lion Group Holding reported selling all its SOL on September 29, alongside part of its Bitcoin holdings. It used the proceeds to acquire additional HYPE, reallocating its crypto treasury rather than leaving digital assets altogether.
NewGenIVF’s September prospectus likewise says it no longer holds SOL and does not intend to invest further capital in it. In that case, the tokens were used as consideration for an equity interest in PredicXion, rather than simply sold for cash.
SkyAI’s reserve liquidation also leaves a distinction between token ownership and its planned business. The company still describes a financial platform combining Solana stablecoin rails with AI, although the latest release gives no detailed update on that platform or a plan to rebuild its SOL treasury.
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