SkyAI Solana tender offer seeks $201 million after a full $SOL sale
SkyAI said on Oct. 19 it has sold all of its Solana and opened a cash tender offer worth about $201.3 million that runs until Oct. 29.
The quick take
- Price: Solana ($SOL) trades at $103.99, up 2.0% in 24 hours, as of 1:42 p.m. ET.
- Trigger: SkyAI says it holds about $223.8 million in cash and no SOL after selling its full reserve.
- Watch: The $3.00 offer per share or warrant runs until just after 11:59 p.m. New York time on Oct. 29.
What happened
The SkyAI Solana tender offer is now open, and the company behind it no longer owns any Solana ($SOL). In a press release filed with the SEC on Oct. 19, SkyAI said it “has completed the sale of all of its SOL.” It held about $223.8 million in cash as of Oct. 16.
New since our Oct. 14 report: the sale is finished, and the offer started on Oct. 16. SkyAI will pay $3.00 per share or warrant for up to 95% of each class. That covers about 67.1 million securities, or roughly $201.3 million if fully taken up.
Why it moved
SkyAI, formerly Sharps Technology, was once the fifth-largest public Solana treasury, according to The Block. On Sept. 14 it said it held more than 2 million SOL. An Oct. 11 announcement disclosed sales of about 1 million SOL, The Block reported.
The company first planned to make the offer depend on $SOL staying above $100. It dropped that condition because it no longer holds any.
Who’s buying and selling
SkyAI sold the SOL and is now the buyer of its own stock and warrants. If the offer is fully taken up, about $22.5 million in cash would remain before costs, The Block reported.
Bastion Trading, which owns nearly 10% of SkyAI, has asked for an independent review of the SOL sales, according to The Block. Bastion said it would not join on the current terms; it wanted $3.50 per share.
$SOL held up. It traded at $103.99 at 17:42 UTC, up 2.0% in 24 hours, per CoinGecko.
What to watch next
Each class needs at least 50% of its offered securities tendered for that part of the offer to go ahead. SkyAI says its stock will stay listed on Nasdaq afterward.
The release did not say whether SkyAI will buy SOL again. Its stated plan is a financial platform that pairs Solana stablecoin rails with AI.
Bottom line: One of the larger public Solana treasuries has turned fully into cash, and most of it is set to go back to investors.
Sources
- SkyAI press release, Exhibit 99.1 to Form 8-K, SEC EDGAR (Oct. 19, 2026)
- The Block: SkyAI sells off entire Solana treasury as it launches $201 million buyback (Oct. 19, 2026)
- CoinGecko: Solana price (Oct. 19, 2026, 17:42 UTC)
Price data: CoinGecko (cross-checked with Jupiter).
Not financial advice.
