AI · Cointelegraph
Solana treasury company SkyAI sells all SOL holdings, rolls out $201 million buyback
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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.
Key facts
- By the end of 2025, the company held approximately 2.08 million SOL with a cost basis of $403.1 million, or roughly $194 per token
- SOL fell to around $62 in June but has since recovered, trading near $104 as of Monday, according to CoinGecko data
- 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
- SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data
Summary
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. 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.