Solana Treasury Firm SkyAI Sells Entire Holdings After Previously Accumulating Two Million SOL

SkyAI has sold its entire Solana treasury and opened a US$3.00 (AU$4.29) a share tender offer for up to 95% of its stock and warrants, five weeks after reporting more than two million SOL.

The Nasdaq-listed company said on Monday that it held about US$223.8 million (AU$320.03 million) in cash as of 16 October and no longer owned any SOL. Its offer, open since Thursday, will cost about US$201.3 million (AU$287.86 million) if fully subscribed. SkyAI will pay from cash on hand without borrowing.

The offer covers 67.1 million shares and warrants. It expires one minute after 11:59 p.m. New York time on 29 October.

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Five Weeks From Two Million SOL

SkyAI reported on 14 September that it still held more than two million SOL. That stake ranked fourth among public companies on CoinGecko’s tracker before the sales, behind Forward Industries, DeFi Development and Upexi.

On 11 October, the company said it had sold about one million SOL, roughly half its holdings, and announced the tender. Its balance was down to about 600,000 SOL in a filing two days later. By 14 October it held about 210,000 locked SOL and US$204.6 million (AU$292.58 million) in cash. Those sales went through BitGo, Anchorage and Coinbase at an average of US$107.51 (AU$153.74) a token net of fees, SkyAI said.

The offer was to depend on SOL staying above US$100 (AU$143). That condition is gone because SkyAI no longer holds the token. SOL traded at US$105.24 (AU$150.49) on Tuesday, according to CoinGecko.

Bastion Refuses to Tender

Bastion Trading, which owns about 9.99% of SkyAI, said on 14 October that it would not tender. It wants the price lifted to at least US$3.50 (AU$5.01), new independent directors on the board, and disclosure of when and at what prices the SOL was sold. Bastion put SkyAI’s net asset value at about US$3.30 (AU$4.72) a share with SOL at US$110 (AU$157.30), and said about 70% of the treasury went in under a month.

“Absent timely and meaningful action, Bastion Trading is prepared to pursue all available legal remedies to protect its investment and stockholders’ rights,” Bastion stated.

SkyAI says the price is a 65% premium to its US$1.82 (AU$2.60) close on 9 October. It puts the offer at about 0.95 times its net asset value. 

Its board rejected an unsolicited proposal from Forward Industries at 0.306 Forward shares per SkyAI share. Forward holds more than seven million SOL and borrowed against them in March to fund a buyback. Bitcoin treasury company Strategy instead sold 1,690 BTC in August to buy back its preferred stock.

SkyAI was Sharps Technology until May and says it is now building an agentic finance platform on Solana stablecoin rails.

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