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SkyAI exits Solana treasury and launches $201.3 million share and warrant buyback

SkyAI has liquidated its entire Solana treasury to hold $223.8 million in cash, subsequently launching a tender offer of up to $201.3 million to repurchase up to 95% of its outstanding shares and warrants at $3.00 each.

SkyAI logo featuring a patterned sphere beside the company name on a white background.
Image: @TheBlockCo

SkyAI, Inc. (Nasdaq: SKYA), formerly Sharps Technology, has completely sold off its Solana treasury holdings, dropping from more than 2 million SOL in September to zero by October 16, 2026, according to reporting by The Block. Following the total divestment, the company holds $223.8 million in cash.[1][2][3]

Alongside the treasury exit, SkyAI initiated a cash tender offer to buy back up to 95% of each class of its outstanding common stock, cash pre-funded warrants, cryptocurrency pre-funded warrants, and strategic warrants. The repurchase offer covers up to 67.1 million shares and warrants at a purchase price of $3.00 apiece in cash, valuing the total transaction at up to $201.3 million.[1][3]

According to a company press release, the $3.00 tender price represents approximately 0.95 times net asset value based on SkyAI's cash holdings as of October 16. The tender offer commenced on October 16 and is scheduled to expire one minute after 11:59 p.m. New York City time on October 29, 2026, unless extended or terminated earlier, and remains subject to conditions including a minimum threshold for each class.[2][3]

Key facts

  • SkyAI sold its entire Solana treasury, declining from more than 2 million SOL in September to zero by October 16, 2026.
  • The company holds $223.8 million in cash following the sale of its SOL holdings.
  • SkyAI commenced a tender offer on October 16, 2026, to repurchase up to 95% of each class of its shares and warrants, covering up to 67.1 million securities at $3.00 each.
  • The buyback is valued at up to $201.3 million and represents roughly 0.95 times net asset value based on October 16 cash holdings.
  • The tender offer is scheduled to expire one minute after 11:59 p.m. New York City time on October 29, 2026, unless extended or terminated earlier.

Sources · 3 sources

  1. TB

    The Block@TheBlockCoPost on X ·

    THE BLOCK: SkyAI (formerly Sharps Technology) has sold its entire Solana treasury, going from more than 2 million solana:So11111111111111111111111111111111111111112 in September to zero by Oct. 16. The company now holds $223.8 million in cash and has launched a buyback of up to $201.3 million at $3 per share or warrant. $SKYA

    Open source
  2. TB

    The BlockArticle ·

    SkyAI sells off entire Solana treasury as it launches $201 million buyback SkyAI holds $223.8 million in cash after selling all its SOL, with its $3 buyback running through Oct. 29.

    Open source
  3. SO

    SolanaFloor@SolanaFloorPost on X ·

    🚨JUST IN: @Solana treasury firm SkyAI has sold all its $SOL, completing its treasury exit. The company now holds $223.8M in cash and has launched a tender offer of up to $201.3M to buy back 95% of its shares and warrants at $3 each. https://t.co/G2XJVDQvHH

    Open source