SkyAI Sells Entire Solana Treasury, Launches $201.3M Tender Offer

Published October 21, 2026, 3:40 AM PKT. Based on SkyAI's October 19, 2026 filing with the U.S. Securities and Exchange Commission (primary source), with additional reporting from Cointelegraph, crypto.news, Bitcoinist, Particle News and CoinCodex (secondary sources).

Nasdaq-listed SkyAI, formerly known as Sharps Technology, has sold its entire Solana treasury and launched a cash tender offer to repurchase up to $201.3 million of its own shares and warrants, according to an October 19, 2026 filing with the U.S. Securities and Exchange Commission. The company reported $223.8 million in cash and zero SOL remaining as of October 16, fully reversing a treasury strategy that at its peak held more than 2 million SOL bought for more than $400 million.

The $201.3M tender offer

The tender offers $3 per eligible share or warrant, according to the filing. It covers up to 95% of each of four security classes: 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants, crypto.news reported, for a ceiling of 67,087,366 securities. If fully subscribed, the maximum cash purchase price is approximately $201.3 million, paid entirely from cash on hand, with no financing condition attached.

Minimum participation conditions apply per class rather than across the board. At least 50% of the offered common shares must be tendered for the common share offer to close, the two pre-funded warrant classes are combined for a 50% minimum, and strategic warrants carry their own 50% minimum, according to crypto.news. Holders of eligible warrants do not need to exercise them first; the warrants carry an exercise price of $0.0001, which the tender deducts from the $3 price. If more than 95% of a class is tendered, acceptance is prorated within that class. The offer expires one minute after 11:59 p.m. New York time on October 29, unless extended or terminated.

The company says the tender is no longer tied to the price of SOL, a condition it had contemplated when it announced the planned buyback on October 11. That condition became moot because the treasury is already fully converted to cash.

Sold out in stages

The exit happened over days, not in a single trade. On October 11, SkyAI said it had sold roughly 1 million SOL, about half of what it then reported holding. An October 14 update put the remaining position at roughly 210,000 locked SOL alongside $204.6 million in cash, according to crypto.news. By the October 16 measurement date used in the October 19 filing, the company reported no SOL and $223.8 million in cash.

The company launched its Solana treasury strategy in August 2025 after raising more than $400 million through a private placement, Cointelegraph reported. It bought more than 2 million SOL the following month. An average selling price of $107.51 per SOL that appeared in earlier reporting applied only to the sales made before the October 14 update, not to the later lots sold into the October 15 and 16 completion.

A $153M paper loss came first

By the end of 2025, the company held approximately 2.08 million SOL with an aggregate cost basis of $403.1 million, about $194 per token, according to its annual disclosures cited by Cointelegraph. The position was worth $250.1 million at year end, an unrealized loss of roughly $153 million. The broader industry felt the same pressure: by February 2026, publicly traded Solana treasury companies carried more than $1.5 billion in combined unrealized losses as falling token prices weighed on their holdings, Cointelegraph reported. SOL dropped to around $62 in June and was trading near $104 as of Monday, according to CoinGecko data cited by Cointelegraph.

Bastion Trading says no at $3

The offer's most vocal critic is Bastion Trading, which says it and its affiliates hold about 9.99% of SkyAI's common stock. In an October 14 open letter, Bastion said it would not tender under the announced terms and demanded a price of at least $3.50, fuller disclosure of the SOL sale transactions and dates, board changes and the exclusion of strategic advisor warrants from the tender, according to crypto.news. The letter also criticized related-party arrangements and called for an independent committee to oversee the offer.

The company prices the $3 offer at roughly 0.95 times its measure of net asset value. In the October 19 filing's math, $3 multiplied by about 70.6 million securities outstanding gives roughly $211.8 million, and dividing by $223.8 million in net cash produces about 0.946, which rounds to 0.95, according to crypto.news. The same arithmetic puts simple cash per diluted security near $3.17, about 17 cents above the tender price, before liabilities and fees.

The share market has warmed to the plan. SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data cited by Cointelegraph. The stock is up about 65% over the past month but remains down roughly 41% over the past year.

Board authorizes but does not recommend

The company's board has authorized the tender but expressly makes no recommendation on whether shareholders or warrant holders should participate, according to the filing. That leaves the decision to each holder, who must weigh a defined $3 cash exit against whatever the post-tender business is worth. Bastion's separate governance claims, including that every incumbent director nominee drew more withheld than affirmative votes at the September annual meeting, are attributed to Bastion; withheld votes did not vacate the seats under the company's plurality standard, crypto.news reported.

Stablecoin rails plus AI

SkyAI says it intends to keep developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence, according to the filing cited by Cointelegraph. The company says its common stock will remain listed on the Nasdaq Capital Market after the offer, and the filing says nothing about delisting or going private.

This article is news reporting and is not investment advice.

Sources

• SkyAI, October 19, 2026 filing with the U.S. Securities and Exchange Commission, primary source: the completed liquidation of the SOL treasury, $223.8 million in cash and zero SOL as of October 16, the $3 per share or warrant tender offer covering up to 95% of four eligible security classes, the approximately $201.3 million maximum cost, the October 29 expiry, minimum participation conditions, the board's authorization without recommendation, the removal of the SOL-price condition, the absence of a financing condition, and plans to keep building a stablecoin and AI financial platform on Solana
• Cointelegraph, "SkyAI Exits Solana Treasury Strategy With $201M Tender Offer," October 20, 2026, secondary source: the August 2025 $400 million-plus private placement and launch of the SOL treasury strategy, the end-2025 position of about 2.08 million SOL with a $403.1 million cost basis and about $153 million in unrealized losses, the $1.5 billion in combined industry unrealized losses by February 2026, SOL's June low near $62 and recovery near $104, and Monday's $2.79 share close, up 5.3%, with a 65% one-month gain and a 41% one-year decline
• crypto.news, "A Solana treasury company sold every SOL it held," October 2026, secondary source: the staged sale timeline from the October 11 and October 14 updates, the four security-class ceilings totaling 67,087,366 securities, the $0.0001 warrant exercise price deduction, the per-class 50% minimums and proration rules, the $201.3 million maximum arithmetic, the 0.95 times net asset value pricing math, the roughly $3.17 cash-per-security figure, Bastion Trading's October 14 letter and its demands, and the company's Nasdaq listing intent
• Bitcoinist, CoinCodex and Particle News, October 2026, secondary sources: the October 19 disclosure of the completed SOL sale and the $201.3 million tender offer terms