SkyAI, the Nasdaq-listed technology firm formerly known as Sharps Technology and trading under the ticker SKYA, has fully liquidated its Solana (SOL) treasury and now holds approximately $223.8 million in cash. The company on October 19 announced a cash tender offer to repurchase up to $201.3 million of its common shares and warrants at a price of $3 per security.

The move marks a sharp departure from the firm’s earlier strategy of holding a substantial Solana position as a primary treasury asset. In September, SkyAI reported ownership of more than two million SOL tokens, placing it among the largest publicly traded corporate holders of the cryptocurrency at the time. Those holdings were managed through institutional custodians and a Coinbase validator, with nearly all tokens staked.

Progressive Sale of Solana Position

SkyAI began unwinding its Solana exposure in early October. Filings showed the sale of roughly one million SOL around October 11. Subsequent disclosures indicated remaining balances fell to about 600,000 tokens, then to approximately 210,000 by October 14, when the company also reported $204.6 million in cash. By October 16, SkyAI confirmed it held no Solana. Tender documents filed with the U.S. Securities and Exchange Commission state the sales were completed by October 15.

For transactions completed before the October 14 update, the company disclosed an average realized selling price of $107.51 per SOL, net of fees, executed through providers including BitGo, Anchorage and Coinbase. Officials noted that this figure does not represent the average price across the entire liquidation.

Details of the $201.3 Million Tender Offer

The tender offer, which began on October 16, seeks to purchase up to 95 percent of each eligible class of securities. These include common shares, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic warrants, covering a combined maximum of roughly 67.1 million securities. Warrant holders may tender the instruments directly without first exercising them. Payment for eligible warrants is set at $2.9999 after deducting the nominal exercise price.

SkyAI intends to fund the entire repurchase from existing cash reserves and has stated it will not incur additional debt. Full acceptance up to the stated limits would leave the company with approximately $22.5 million before transaction costs and other cash movements. An earlier condition that Solana remain above $100 during the offer period has been removed because the company no longer holds the asset.

The offer is scheduled to expire one minute after 11:59 p.m. New York time on October 29, unless extended or terminated. Participation is voluntary, and holders may withdraw tendered securities before the deadline. The board has authorized the transaction but has made no recommendation on whether investors should tender. At least half of the securities in each required category must be submitted for that portion of the buyback to proceed; excess tenders would be accepted on a pro-rata basis.

Shareholder Opposition to Terms

Bastion Trading, an institutional shareholder that beneficially owns approximately 9.99 percent of SkyAI’s outstanding common stock, has publicly challenged the offer. The firm has called for a minimum repurchase price of $3.50 per share or eligible warrant, independent review of the Solana sales, greater disclosure of transaction details, and changes to the company’s board structure. Bastion described the liquidation as a fundamental departure from the previously disclosed treasury strategy and stated it would not participate unless its concerns are addressed.

Strategic Shift Toward AI Platform

SkyAI is repositioning itself as an artificial intelligence-driven financial services platform focused on blockchain-enabled data products and digital financial solutions. The company has given no indication that it plans to rebuild a cryptocurrency treasury position in Solana or other digital assets.

The exit contrasts with the approach of other public companies that continue to maintain or expand Solana holdings. Forward Industries, for example, has previously increased its SOL position despite experiencing unrealized losses tied to price volatility. SkyAI’s decision also follows a broader period in which several digital-asset treasury firms have reduced or exited cryptocurrency positions.

Shares of SkyAI rose more than 5 percent in trading on the day of the announcement. Over the preceding month the stock had climbed more than 55 percent as details of the treasury sales and buyback plans emerged. The company has stated it intends to remain listed on Nasdaq after the tender offer is completed.