# SkyAI liquidates Solana treasury for $201M share buyback

> Live situation record from CLSTR: https://clstr.news/situations/skyai-treasury-restructuring-and-investor-dispute
> Updated: 2026-10-21T17:55:57.000Z. Sources: 10. Developments: 4.

SkyAI, a Nasdaq-listed company formerly known as Sharps Technology, has liquidated its entire Solana (SOL) treasury to fund a $201.3 million tender offer. This initiative aims to repurchase up to 95% of its outstanding common shares and certain warrants at $3.00 per security.

As of October 16, 2026, the company reported holding approximately $223.8 million in cash following the sale of more than 2 million SOL tokens. This liquidation marks a significant reversal of SkyAI’s previous strategy of accumulating cryptocurrency, following a period of notable unrealized losses where the average purchase price for SOL was approximately $194 per token.

The shift in financial strategy has intensified scrutiny from Bastion Trading, a stakeholder with a 9.99% interest. Bastion has demanded that Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler, and Jason L. Monroe explain the sale of the SOL holdings. 

Furthermore, Bastion raised concerns regarding the buyback structure, noting that up to $11.9 million could be paid to an entity controlled by the brother of Chief Investment Officer Yuwen (Alice) Zhang through strategic advisor warrants. The firm has called for the directors to resign if they cannot demonstrate independent oversight, or for Danner to convene a special meeting to allow stockholders to decide the board’s composition. This pressure follows a September annual meeting where all five directors received significant withheld votes, ranging between 66.6% and 75.0%.

## Timeline

### 2026-10-21: SkyAI faces scrutiny over Solana liquidation and $201M buyback

SkyAI is under fire from Bastion Trading following the sale of its Solana treasury and a $201 million buyback that may benefit an insider-linked advisor.

2 sources. https://clstr.news/cluster/skyai-faces-scrutiny-over-solana-liquidation-and-201m-buyback

### 2026-10-19: SkyAI liquidates Solana treasury to fund $201.3 million share buyback

SkyAI has sold its entire Solana treasury, holding $223.8 million in cash to fund a share buyback of up to $201.3 million following a period of significant unrealized crypto losses.

6 sources. https://clstr.news/cluster/skyai-liquidates-solana-treasury-to-fund-2013-million-share-buyback

### 2026-10-14: SkyAI faces investor pushback after selling 70% of Solana holdings

Bastion Trading is opposing SkyAI’s $201 million tender offer and questioning the company’s recent sale of approximately 70% of its Solana treasury.

2 sources. https://clstr.news/cluster/skyai-faces-investor-pushback-after-selling-70-of-solana-holdings

### 2026-10-12: SkyAI announces $201M share buyback funded by Solana sales

SkyAI plans a $201 million tender offer to buy back up to 95% of its shares at $3.00 each, funded by selling half of its 2 million SOL treasury. The move follows a rejected takeover bid from Forward Industries.

5 sources. https://clstr.news/cluster/skyai-announces-201m-share-buyback-funded-by-solana-sales

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Cite as: SkyAI liquidates Solana treasury for $201M share buyback. CLSTR, https://clstr.news/situations/skyai-treasury-restructuring-and-investor-dispute