Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback
The former medical device maker has liquidated its Solana treasury and is offering to repurchase shares and warrants using its $223.8 million cash holdings.
SkyAI, formerly Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its cryptocurrency accumulation strategy.
The company held approximately $223.8 million in cash as of Oct. 16 after liquidating its SOL holdings, according to a filing with the US Securities and Exchange Commission on Monday.
The tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. It covers up to 95% of each class of the company’s outstanding shares and warrants, funded entirely by cash on hand.
The company said the tender offer is no longer tied to SOL’s price, a condition it had initially planned to include when announcing the buyback on Oct. 11. SkyAI intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.
SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock has gained approximately 65% over the past month but remains down about 41% over the past year.