SkyAI plans $201 million tender offer funded by Solana treasury sales

Nasdaq-listed SkyAI announced its intention to commence a cash tender offer to repurchase up to approximately $201 million of its common stock and pre-funded warrants at $3.00 per security. The offer price represents a 65% premium over its October 9, 2026 close and more than 100% over its 60-day volume-weighted average price. Expected to launch on or around October 15, 2026, for a 10-business-day window, the tender covers up to 95% of each class, encompassing 46.37 million shares and 20.72 million cash pre-funded, cryptocurrency pre-funded, and strategic advisor warrants. The transaction requires at least 50% participation within each security class and is contingent on SOL closing above $100 throughout the entire offer period.^[2]

SkyAI disclosed that it expects to fund the buyback through cash on hand and proceeds from selling SOL in its corporate treasury. The company recently sold about 1 million SOL tokens—roughly 50% of its holdings—and noted that it may continue selling depending on prevailing market conditions. Its board also rejected a non-binding acquisition proposal from Forward Industries, while Crypto Briefing reported the asset sales accompany a strategic pivot away from crypto holdings toward AI services.^[1][2][3]

On-chain analytics account Lookonchain reported that SkyAI previously held 2 million SOL valued at roughly $214 million and transferred out 1.57 million SOL ($175 million) in October, booking over $160 million in losses against an average purchase price near $194. Account @KookCapitalLLC similarly highlighted that the firm shifted 1.25 million SOL worth roughly $138 million over five days, including a transfer of 211,000 SOL to Coinbase Prime.^[1][2]