SkyAI has exited its entire Solana treasury and launched a cash tender offer worth as much as $201.3 million, completing a rapid reversal of the digital-asset strategy it adopted little more than a year ago. The Nasdaq-listed company had approximately $223.8 million in cash after selling its remaining SOL and began offering $3.00 for up to 95% of each eligible class of shares and warrants.
According to SkyAI’s SEC-filed tender offer, the company completed the sale of all its SOL on October 15 and now holds no digital assets. The offer commenced October 16 and expires one minute after 11:59 p.m. New York time on October 29 unless extended or terminated earlier. If fully subscribed, SkyAI would spend approximately $201.26 million from cash on hand without taking on additional financing.
The exit marks a dramatic change from August 2025, when the company, then called Sharps Technology, raised more than $400 million and adopted SOL as its principal treasury reserve asset. It subsequently accumulated more than 2 million SOL and generated staking revenue before beginning to reduce the position this fall. SkyAI has now eliminated the balance-sheet exposure that previously made SOL its dominant treasury asset.
SOL Sales Finance Large Share Repurchase
The liquidation accelerated immediately before the tender. SkyAI reported roughly 600,000 SOL on October 11, then disclosed on October 14 that it held $204.6 million in cash and approximately 210,000 locked SOL. The company said recent sales of liquid and locked tokens had achieved an average price of $107.51 per SOL, net of fees, through BitGo, Anchorage and Coinbase. By the following day, the remaining position had also been sold.
The completed sale materially changed the tender’s conditions. SkyAI had initially planned to require SOL to remain above $100 during the offer period, but removed that condition once it no longer owned the asset. The final offer covers up to 48.31 million common shares, 4.88 million cash pre-funded warrants, 9.94 million cryptocurrency pre-funded warrants and 3.96 million strategic warrants. Each class remains subject to its own minimum tender condition, while the company can purchase up to 95% of the eligible securities.
That liquidation stands in contrast with other listed Solana treasury companies still expanding their holdings. DeFi Development Corp recently increased its position to roughly 2.56 million SOL, even as its rate of accumulation slowed. Meanwhile, Forward Industries has moved substantial SOL to Coinbase Prime, although an exchange deposit alone did not establish that those tokens had been sold. SkyAI’s case is different because the company has explicitly confirmed a complete disposal.
Bastion Challenges Price and Disclosure
The transaction has also become a corporate-governance dispute. Bastion Trading, which together with affiliates says it beneficially owns approximately 9.99% of SkyAI, publicly opposed the proposed terms on October 14. Bastion argued that shareholders had not received sufficient detail about the company’s rapid SOL sales and said it would not tender its holdings unless its concerns were addressed.
Bastion said SkyAI’s SOL position had fallen roughly 70% from more than 2 million tokens in September to about 600,000 by October 13. It requested disclosure of sale dates, quantities, pricing, proceeds and the approval process, while calling for independent oversight and a tender price of at least $3.50. Those demands reflect Bastion’s valuation and governance position rather than an independent determination that SkyAI’s $3.00 offer is unfair.
SkyAI presents the offer differently. Its board says $3.00 represented a 65% premium to the October 9 closing price of $1.82 and more than double the preceding 60-day volume-weighted average price. Based on its cash position, the company calculated the offer at approximately 0.95x mNAV. The competing positions therefore center on how shareholders should value SkyAI after its transformation from a SOL treasury company into a cash-funded operating business.
The sale does not mean SkyAI is abandoning blockchain-related technology altogether. Its SEC filing says remaining cash after the tender is intended to fund development of an agentic AI financial platform designed to aggregate and analyze on-chain financial data, alongside operating expenses and existing obligations. The company no longer holds digital assets, but its planned product strategy remains connected to on-chain finance.
SkyAI has therefore executed a balance-sheet exit from Solana rather than a complete exit from crypto infrastructure. The immediate questions now concern how many securities are tendered at $3.00, how much cash remains afterward and whether the dispute with Bastion develops into a broader challenge to the board and the company’s capital-allocation strategy.
