SkyAI has completed its dramatic exit from Solana, confirming it now holds no SOL and has converted its treasury into approximately $223.8 million in cash as of Oct. 16. The company, formerly known as Sharps Technology Inc., said the sale was executed to support a share and warrant buyback program.
The move marks a rapid reversal from Sept. 14, when SkyAI reaffirmed its commitment to a Solana treasury strategy and reported holding more than 2 million SOL, making it the fifth-largest publicly traded Solana treasury company. An Oct. 11 buyback announcement revealed the sale of roughly 1 million SOL, and a subsequent SEC filing showed a remaining balance of about 600,000 SOL. That remaining balance has since been liquidated.
Because the company no longer holds SOL, it removed a proposed tender-offer condition that required Solana to remain above $100. Under the buyback terms, SkyAI is offering $3 per share or warrant to repurchase 95% of outstanding shares and warrants. If fully subscribed, the company would be left with about $22.5 million before costs.
Bastion Trading, which owns nearly 10% of SkyAI, has pushed back against the plan, requesting an independent review and saying it will not participate under the proposed conditions. Bastion has argued for a $3.50 per-share price, insider restrictions, and the exclusion of strategic advisor warrants.
SkyAI still describes its business as building a financial platform that combines stablecoin rails on Solana with AI, but Monday’s announcement did not say whether it will rebuild its SOL treasury or provide updates on the platform. The company plans to remain listed on Nasdaq after the buybacks are complete. SkyAI shares (SKYA) rose 4.5% on the day to $2.77, bringing year-to-date gains to 35%.
