SkyAI exits Solana treasury, holds $223.8M in cash ahead of buyback

SkyAI is no longer holding any Solana. The Nasdaq-listed company has sold its entire SOL treasury and is now sitting on approximately $223.8 million in cash, according to an Oct. 19 press release.

The plan for that money is a share buyback. For a company that built its public identity around holding a single crypto asset, that is a full reversal, delivered in about two weeks.

SkyAI trades under the ticker SKYA and was previously known as Sharps Technology. The liquidation covered more than 2 million SOL and was completed by October 16, 2026.

How SkyAI emptied the vault

The sell-off did not happen in one shot. It began in early October, when the company unloaded about 1 million SOL.

That first tranche had a specific job. It helped fund a tender offer to repurchase up to 95% of SkyAI’s outstanding shares, along with certain warrants.

The tender offer is priced at $3 per share or warrant. Its total size is capped at up to $201.3 million.

Put the two figures side by side and the math is tidy. The $223.8 million cash pile exceeds the maximum the company could spend on the tender, leaving room above the cap.

The cost of the Solana bet

The treasury strategy came with a steep entry price. SkyAI’s SOL position was reportedly accumulated at an average price of around $194, and the position carried major unrealized losses while the company held it.

The activist in the room

SkyAI’s exit did not happen in a vacuum. Bastion Trading, which together with certain affiliates owns approximately 9.99% of the company’s outstanding common stock, has been pressing management.

Bastion has raised concerns about how transparent the SOL sales were and how fast they proceeded. The firm has also demanded governance changes, including board changes and an independent special committee, as well as a higher offer price of at least $3.5, before it agrees to take part in the buyback.

That last condition matters. A holder with close to a tenth of the company can shape whether a tender offer is broadly embraced or turns into a standoff. Bastion is effectively treating its participation as leverage.

What this means for crypto treasury companies

There is also a market-structure angle for Solana itself. Selling more than 2 million SOL is a meaningful amount of supply hitting the market from a single corporate seller.

Several things are worth watching next. The first is how many shareholders will tender at $3, and whether the offer gets close to its 95% target. The second is whether SkyAI makes the governance changes Bastion is seeking, and whether Bastion then participates.