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SkyAI sells entire 2 million SOL, raising $223.8 million to repurchase shares and warrants.
SkyAI, formerly operating under the name Sharps Technology Inc., has sold its entire holding of Solana (SOL), ending a position that once made the company the fifth-largest public company holding SOL treasury on the market. Instead of continuing its cryptocurrency accumulation strategy, SkyAI is using the proceeds to implement a share and warrant buyback program, which could reach up to 67.1 million units.
In an announcement on October 19, 2026, SkyAI stated that the company held approximately $223.8 million in cash as of October 16 and had completed the sale of its entire SOL treasury. This move marks a significant shift in the company’s asset management strategy, especially as SkyAI had just reaffirmed its commitment to the Solana treasury strategy in mid-September.
On September 14, SkyAI announced that it held over 2 million SOL and continued to pursue an asset accumulation direction on the Solana network. At that time, this amount of SOL placed SkyAI among the largest public companies with Solana reserves, ranking fifth among public SOL treasury companies.
However, in just over a month, the company transitioned from holding over 2 million SOL to no longer owning any SOL. This rapid change raises questions about the direction of cash management, consistency in long-term strategy, and the purpose of SkyAI’s capital use.
According to the announced plan, SkyAI is conducting a cash tender offer at a price of $3 per share or warrant, aiming to repurchase up to approximately 67.1 million shares and warrants. If the program is fully subscribed as planned, the company could buy back about 95% of the outstanding shares. After completing the transaction, SkyAI estimates it will have about $22.5 million in cash before related expenses.
The large buyback scale indicates the company is aiming to significantly reduce the amount of outstanding securities. However, the final result depends on the number of shares and warrants offered by investors, as well as the conditions for executing the transaction.
SkyAI’s strategic change has met with a reaction from Bastion Trading, a shareholder holding nearly 10% of the company. This entity has called for an independent review of the company’s decisions and declared it will not participate in the buyback program under the proposed conditions.
Bastion Trading argues that the price of $3 per share does not meet its requirements. Instead, it proposes a price of $3.50 per share and demands restrictions on insiders and the exclusion of warrants for strategic advisors from the buyback program.
Another notable point is that SkyAI has removed the previously proposed condition that the SOL price must remain above $100. This condition is no longer relevant after the company sold its entire SOL holding. The adjustment indicates that the buyback plan has changed along with the company’s asset status, while disagreements between the company and major shareholders have not been fully resolved.
Despite the complete divestment of SOL, SkyAI still describes its business direction as building a financial platform that combines a stablecoin payment system on Solana with artificial intelligence (AI) technology. This model is expected to integrate blockchain-based financial infrastructure with AI applications, but the October 19 announcement did not provide updates on the platform’s development progress or plans to rebuild the SOL treasury in the future.
The company also stated that it expects to continue its Nasdaq listing after the buyback program is completed. This means SkyAI still plans to operate as a public company, although the asset structure and number of outstanding shares may change significantly.
