SkyAI, the Nasdaq-listed Solana treasury company trading as SKYA, has confirmed the sale of roughly 1 million SOL—about half of its cryptocurrency reserves—to help fund a planned cash tender offer worth up to $201 million. The company intends to repurchase up to 95% of its outstanding common shares and three classes of warrants at $3.00 per security, representing a 65% premium to its October 9 close and more than double its 60-day volume-weighted average price. The tender offer is expected to begin around October 15 and remain open for 10 business days.
The move also serves as a defense against an unsolicited takeover approach from fellow Solana treasury company Forward Industries. SkyAI’s board unanimously rejected Forward’s latest offer of 0.306 shares per SKYA share, concluding it undervalued the company. At SkyAI’s September 18 annual meeting, all five directors kept their seats, although each received more withheld votes than votes in favor because only a plurality was required. Shareholders also voted down an equity incentive plan by 22.5 million to 5 million.
Blockchain analysts have traced significant SOL movements from wallets linked to SkyAI. Ember reported that another 211,623 SOL was transferred to Coinbase Prime on October 12, bringing estimated five-day disposals or exchange movements to about 1.25 million SOL, worth roughly $138 million. On October 10, Ember identified 468,000 SOL moved within 24 hours—218,000 SOL to centralized exchanges and 250,000 SOL to custody provider BitGo. Lookonchain separately tracked 568,000 SOL worth about $63.87 million moving to exchanges over three days and estimated SkyAI’s average purchase price at around $194 per token, implying a potential loss of approximately $46 million if sold.
SkyAI previously disclosed holdings of more than 2 million SOL in September. As of the announcement, the company said it still held approximately 1 million SOL and was monitoring market conditions for possible further sales. It also reported more than $12 million in staking revenue through June 30, with validator yield of 6.01% against a 5.57% network average. The buyback does not require additional borrowing, as SkyAI said its cash and digital asset value already exceeds the maximum purchase amount. Conditions include at least 50% of each eligible class being tendered, Solana’s closing price remaining above $100 during the offer period, and no loss of Nasdaq listing. SOL traded near $111 on October 11.
A year ago SkyAI was known as Sharps Technology, a medical device distributor. According to an SEC-filed release, it raised more than $400 million in a private placement on August 28, 2025, selling units at $6.50 each, with proceeds directed into SOL as one of the largest Solana treasuries. Early investors were told the raise could reach $1 billion if all warrants were exercised, but the $3.00 buyback price is less than half that original unit price. Forward Industries, which calls itself the largest Solana treasury company, reported holding 8.5 million SOL at the end of September.
