SkyAI liquidates Solana treasury to fund $201.3 million share buyback

SkyAI, a Nasdaq-listed company formerly known as Sharps Technology, has liquidated its entire Solana (SOL) treasury. Following the sale of more than 2 million SOL tokens, the company reported holding approximately $223.8 million in cash as of October 16, 2026.

The company has announced a tender offer to repurchase up to 95% of its outstanding shares and certain warrants, with a maximum value of $201.3 million. The buyback is priced at $3 per share and will be funded through the company's own resources. This move marks a significant reversal of SkyAI’s previous strategy of accumulating cryptocurrency.

The transition follows a period of notable unrealized losses, as the company’s average purchase price for SOL was approximately $194 per token. Despite these losses, the company had generated over $12 million in staking revenue from its holdings by mid-2026.

Bastion Trading, which holds approximately 9.99% of SkyAI’s shares, has reportedly pressured management regarding the transparency and speed of the SOL liquidations. The firm has demanded governance changes as a condition for participating in the buyback program.