SkyAI, a Nasdaq-listed treasury management company closely tied to the Solana ecosystem, has announced it will completely liquidate its remaining Solana (SOL) holdings. The strategic exit follows the sale of approximately 1 million SOL for roughly $107 million, which resulted in a reported $87 million loss, according to company disclosures.
With around 210,000 SOL left in its treasury, SkyAI said the liquidation will help fund a buyback of up to 95% of its outstanding shares and warrants. The company reportedly holds $204.6 million in cash to support the repurchase program and has also planned a tender offer for shareholders.
The decision marks a major strategic pivot for a firm specializing in digital asset treasury management for Solana-linked assets. SkyAI's exit highlights the risks and volatility associated with institutional treasury exposure to crypto, especially amid broader mixed signals in digital asset markets.
Traders are likely to focus on Solana's upcoming support and resistance levels as the remaining liquidation unfolds. The move has already raised investor scrutiny: a major shareholder is reportedly challenging the treasury sales and the terms of the share buyback. Market participants will monitor whether other institutional holders follow SkyAI's lead, potentially adding further selling pressure to SOL.
