SkyAI sells all Solana holdings as $201M buyback faces price dispute

What happened

SkyAI, formerly Sharps Technology, has sold its entire Solana treasury and launched a cash tender offer worth up to $201.3 million. The Nasdaq-listed company said it held $223.8 million in cash as of Oct. 16, when the offer began, and no longer owned any SOL.

The offer pays $3 per share and covers up to 95% of each eligible share and warrant class. SkyAI said existing cash will fund accepted securities and transaction expenses, with no borrowing or financing condition. The stated expiration date is Oct. 29, unless the company changes the offer.

The company dropped an earlier condition that required Solana to stay above $100 during the offer period. It said the offer no longer depends on SOL's price because the token sales are complete. SkyAI still plans to develop a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.

Bastion Trading, which said it and affiliates beneficially owned approximately 9.99% of SkyAI's common stock, challenged the deal in an Oct. 14 statement. It requested at least $3.50 per share or eligible warrant, independent oversight of the tender process and a public review of the SOL disposals. Bastion called the sales a fundamental departure from the disclosed treasury strategy.

Why it matters

The sale closes out a treasury strategy that began in August 2025, when SkyAI raised more than $400 million through a private placement. 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. Its holdings were valued at $250.1 million, representing approximately $153 million in unrealized losses.

SkyAI's losses came amid wider pressure on Solana treasury companies. By February 2026, publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses as falling token prices weighed on their holdings and share valuations.

The dispute also puts the buyback price in focus. Bastion's requested $3.50 is 16.7% above the $3 offer, and the investor said it would not participate unless its concerns were addressed. Bastion's fairness objections remain the investor's position, not findings by a regulator or court.

What the data shows

SkyAI's Oct. 14 SEC-filed update reported $204.6 million in cash and approximately 210,000 locked SOL, while saying it intended to sell the remaining tokens. Recent disposals included liquid and locked SOL sold at an average of $107.51 per token after fees through BitGo, Anchorage and Coinbase. The company did not identify the ultimate buyers in that update.

Comparing the two disclosed cash snapshots shows a $19.2 million difference between Oct. 14 and Oct. 16. That calculation alone does not establish the proceeds received for the final 210,000 SOL, because it does not account for other cash movements during the period. Subtracting the maximum purchase amount from reported cash leaves roughly $22.5 million before transaction fees, expenses and other changes in cash.

SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock has gained approximately 65% over the past month but remains down about 41% over the past year.

What is still unclear

• The reports do not establish the proceeds SkyAI received for its final 210,000 SOL, because the $19.2 million cash difference does not account for other cash movements.
• Bastion's fairness objections remain the investor's position, not findings by a regulator or court.

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